mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy …Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact … in refinancing activity by HARP. More than three million eligible borrowers with primarily fixed-rate mortgages …

In this paper, we document that mortgage-backed securities (MBS) held by the Federal Reserve exhibit faster principal … solicit refinancing activity. Therefore, Federal Reserve MBS holdings acquired from originators as a result of large …-scale asset purchases can help stimulate economic activity through a so-called "solicited refinancing channel." Finally, we …

refinancing shifts outward, usually because of lower mortgage rates. As a result, high capacity utilization leads mortgage lenders …We present evidence that binding mortgage processing capacity constraints reduce mortgage originations to borrowers of … low to modest credit quality. Mortgage processing capacity constraints typically bind when the demand for mortgage …

This paper examines the information content of debt raising and refinancing activities of Real Estate Investment Trusts … window. Stratifying the sample into debt raising and debt refinancing, we find strong evidence that the positive economic … gains associated with debt announcements flowed from the pool of debt refinancing announcements. They registered a …

competitiveness affects mortgage interest rates. Our paper exploits a discontinuity in the competitive landscape introduced by the … Home Affordable Refinancing Program (HARP). Under HARP, lenders that currently service loans eligible for refinancing … in mortgage interest rates precisely at the HARP eligibility threshold. Our results suggest that limiting competition …

We build an empirical model to decompose delays in mortgage refinancing into time-dependent inaction (a low probability … mortgage refinancing without cash-out is unconstrained. Middle-aged and wealthy households exhibit state-dependent inaction … of responding to a refinancing incentive in a given quarter) and state- dependent inaction (a psychological addition to …

prepayment fees and simplified mortgage refinancing, making it akin to a cost-free decision to households. This law — along with …We analyze the effect of an exogenous shock to the Italian mortgage market. A new reform passed in 2007 has abolished …