Homeownership has long been considered the cornerstone of the American dream, and considerable research has pointed to the social benefits of homeownership for both families and communities. Yet research concerning this link between homeownership and social participation has recently undergone...

This study adds to an emerging literature on the lending practices of mortgage brokers during the run-up in home prices prior to 2006. Following a sample of low- and moderate-income borrowers through the first years following home purchase, the analysis identifies differences in the refinancing...

Utilizing a unique sample of community reinvestment loans, we study the propensity of very low income households to terminate a mortgage and compare it to the outcomes for low income and moderate income households. The results indicate that, even within moderate and low income segments, lower or...

Utilizing a unique sample of community reinvestment loans, we study the propensity of very low income households to terminate a mortgage and compare it to the outcomes for low income and moderate income households. The results indicate that, even within moderate and low income segments, lower or...

As policymakers develop underwriting guidelines for qualified residential mortgages (QRM) — which are exempt from risk retention requirements for privately securitized mortgages under the Dodd-Frank Wall Street Reform and Consumer Protection Act — both consumer and industry groups have...

Homeownership is the primary way most families build wealth in this country. Low-income homeowners are less likely to get that benefit because they are more likely to own older houses that are more costly to operate and need more essential maintenance. Rapidly escalating home energy costs are...

The lack of industrywide data on homeownership education and counseling (HEC) programs has severely limited evaluation. In particular, very little evidence exists on the relationship between HEC completion and loan prepayment, an outcome of interest to both mortgage lenders and consumer...