than less. Suppose that a household plans to finance a given housing purchase through a preferred future mortgage path. If … that mortgage path violates a new amortization requirement, the household can still achieve its preferred mortgage path … the mortgage rate, because then the excess borrowing is costless. But even if the savings interest rate is less than the …

that mortgage contracts with low initial payments substantially increase household borrowing and lifetime interest costs. …

delinquency begins to increase, overall and for mortgage and credit card accounts specifically. Credit outcomes consistently …

than less. Suppose that a household plans to finance a given housing purchase through a preferred future mortgage path. If … that mortgage path violates a new amortization requirement, the household can still achieve its preferred mortgage path … the mortgage rate, because then the excess borrowing is costless. But even if the savings interest rate is less than the …

debt. It estimates a random effects probit model for the probability of households having mortgage payment problems. It is … ratios and having a heavy burden of unsecured debt are all associated with a significantly higher probability of mortgage … lower probability of mortgage payment problems. The only non-household-specific variable to have a significant effect is …