are heteroeneous with respect to income and preferences and mortgage lending is restricted by a down-payment requirement …

consumption path of credit constrained homeowners is determined by the size and timing of payments (mortgage maturity). We exploit … the rapid expansion of mortgage markets during the last decade in Spain and a very detailed survey on household finances … consumption of households headed by an individual with high school respondsmore to mortgage maturity than to the interest rate …

This paper utilizes micro data to directly quantify the impact of mortgage underwriting criteria on individual … homeownership propensities. To determine whether a family is constrained by these criteria, the optimal home purchase price is … estimated. The results indicate that wealth and income constraints both reduce homeownership propensities, with a stronger …

This paper discusses findings relative to the impact of borrowing constraints on homeownership in the U.S. in the … aftermath of the 2008 financial crisis. While homeownership declines and tightened credit are evident, the role the tightening …. The homeownership rate in 2010-2013 is simulated to be 2.3 percentage points lower than if the constraints were set at the …

choice of mortgage product. Ours is the first study to model the choice of reverse mortgages alongside other modes of equity … recovery period (2010-2015), we observe this relationship only for reverse mortgage borrowing, consistent with tightened … underwriting for forward mortgage loans …

) using the quarterly U.S. residential mortgage loan-level data observed from Q2 2005 to Q1 2015. We define defaulted loans … separate cure and non-cure loans in mortgage loss risk models …

mortgage credit in the postwar era, supports the model. The results suggest that more recent mortgage market innovations have …