reasons, anticipating the possibility of income declines and the need to make mortgage payments in future periods. Mortgage …

mortgage crisis, which, in contrast to the preceding housing boom, was not accompanied by a rise in homeownership rates. Using … declines in the homeownership rates …

This chapter considers the structure of mortgage finance in the United States and its role in shaping patterns of … homeownership, the nature of the housing stock, and the organization of residential activity. We start by providing some background … on the design features of mortgage contracts that distinguish them from other loans and that have important implications …