The increase in the homeownership rate in the middle of the last decade extended to all age groups but was most pronounced among individuals under age 30. These increases coincided with looser credit conditions that enhanced household access to mortgage credit along with evidence of less risk...

We examine the effect of urban agglomeration on access to mortgage credit using HMDA data from 1994 to 2008. Previous studies suggest that agglomeration should increase access to specialized workers and information, both of which should enhance liquidity in mortgage lending. Findings indicate...

Geographic diversification is fundamental to risk mitigation among investors and insurers of housing, mortgages, and mortgage-related derivatives. To characterize diversification potential, we provide estimates of integration, spatial correlation, and contagion among US metropolitan housing...

Geographic diversification is fundamental to risk mitigation among investors and insurers of housing, mortgages, and mortgage-related derivatives. To characterize diversification potential, we provide estimates of integration, spatial correlation, and contagion among US metropolitan housing...

This paper investigates the boom and bust in U.S. homeownership rates over the 2000-2010 period. Using individual-level census data, we first estimate 204 homeownership regressions stratified by household age (21, 22,…, 89) and survey year (2000, 2005, and 2009). Shift-share methods confirm...

This paper investigates the boom and bust in U.S. homeownership rates over the 2000-2010 period. Using individual-level census data, we first estimate 204 homeownership regressions stratified by household age (21, 22,…, 89) and survey year (2000, 2005, and 2009). Shift-share methods confirm...

Despite recent volatility and constraints in secondary market funding, analysts have ascribed substantial value creation to the securitization of commercial mortgages. Such value creation likely emanates from enhancements to originator liquidity, tranching of claims on cash-flows, gains from...

This paper estimates an option-based hazard model of the competing risks of FHA mortgage termination. Results indicate that the elevated default risks of loans originated among lower credit quality and minority borrowers are more than offset by the damped prepayment speeds of those loans, so as...

Recent studies have documents substantially depressed levels of homeownership among African-American households. While prior analysis have focused largely on racial disparities in household financial characteristics, few studies have assessed the potential role of location choice and locational...