a handful of concessionary mortgage modifications of other types. Far more mortgages terminated through foreclosure than … of residential mortgages beyond securitization. As such, less renegotiation seems unlikely to be a major cost of … securitization of residential mortgages …

We assess the credit market impact of allowing mortgage "strip-down" as a foreclosure-prevention measure, where strip … effective foreclosure-prevention program, because it would have only small and transient effects on the supply of mortgage loans. …-term reduction in mortgage interest rates and a small, short-term increase in mortgage approval rates, but no long-term effects, and …

This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be … done to stop it. We use an economic model to focus on two key decisions: the borrower's choice to default on the mortgage … illustrate that "unaffordableʺ loans, defined as those with high mortgage payments relative to income at origination, are …