borrowers' default rates on mortgages and nonmortgage debts by about 40 percent and 25 percent, respectively. Refinancing also …We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing … a mortgage on borrower balance sheet outcomes. We find that on average, refinancing into a lower-rate mortgage reduced …

borrowers' default rates on mortgages and nonmortgage debts by about 40 percent and 25 percent, respectively. Refinancing also …We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing … a mortgage on borrower balance sheet outcomes. We find that on average, refinancing into a lower-rate mortgage reduced …

This paper analyses the optimal refinancing decision of an agent whose only asset in the portfolio is the house where … remaining life of te house owner. Thus, refinancing concerns only the size of the mortgage, which can be adjusted in any period … price. The paper solves the model analytically and then numerically calibrates the refinancing decision. …

data from a major Danish bank. We examine the behavior of borrowers with adjustable rate mortgages, and exploit that the …

data from a major Danish bank. We examine the behavior of borrowers with adjustable rate mortgages, and exploit that the …