From 1999 to 2013, U.S. mortgage debt doubled and then contracted sharply. Our understanding of the factors driving this volatility in the stock of debt is hampered by a lack of data on mortgage flows. Using comprehensive, individual-level panel data on consumer liabilities, I estimate detailed...

We assess the complicated reality of monetary policy transmission through mortgage markets by synthesizing the existing literature on the role of refinancing in policy implementation. After briefly reviewing mortgage market institutions in the USA and documenting refinance activity over time, we...

In this note, we use recently released loan level data collected under the Home Mortgage Disclosure Act (HMDA) to examine how the new ability-to-repay (ATR) rules may have affected mortgage lending activity in 2014

Real household mortgage debt has been flat over the past two years. However, as described in more detail below, new data on credit flows reveal that mortgage inflows have picked up for the first time since before the financial crisis, including to individuals with lower credit scores

An important question arising out of the financial crisis is whether the Community Reinvestment Act (CRA) played a significant role in the subprime mortgage boom and bust by pushing banks to make loans to risky borrowers

Since bottoming out in 2012, house prices in the U.S. have recovered rapidly. According to Zillow, the median home value has been growing about 6 percent per year. While incomes have also been recovering, they have not quite kept pace with home prices