The real estate industry has recently witnessed significant and pervasive consolidation with further growth and consolidation generally viewed as a foregone conclusion. For example, between 1990 and 1997, growth in average net real estate investments by large REITs outpaced growth in average net...

Efficiency grows, in production and in operations, as size increases. This incentive has led to recent record levels of mergers, acquisitions, and global consolidation in such diverse industries as railroads, oil and gas refining, cement, steel, and brewing. The consolidation of the banking...

This paper introduces a more detailed specification of the default process on single family residential mortgages: the borrower’s ability to reinstate the mortgage out of default prior to foreclosure. Inclusion of this detail allows for a more thorough analysis of lender loss mitigation...

In this study, we develop and test a methodology to assess the impact of affordable lending efforts on homeownership rates. More narrowly, we examine the impact of using flexible underwriting guidelines, primarily changes in the downpayment and housing burden requirements, on the affordability...