In the wake of the housing crisis in 2008, U.S. policymakers have developed a range of policy proposals to address the risk of mortgage borrowers going into payment default. Some of these proposed regulations would effectively eliminate certain loans with riskier borrower characteristics from...

This paper analyzes 26 studies that assess the impact of financial education and counseling targeted to low- and moderate-income consumers. Most studies report significant and positive findings, but the magnitude of impacts is often small compared to a control group. The evidence of behavior...

In the U.S., a number of states have mandated personal finance classes in public school curricula to address perceived deficiencies in financial decision-making competency. Despite the growth of financial and economic education provided in public schools, little is known about the effect of...

After almost a decade of strong price appreciation, the housing market fell into a steep decline in 2007. By 2008, foreclosure filings on owner-occupied homes were surpassing record levels. Due to the housing downturn, fewer renters may aspire to own a home, which could have lasting implications...

Due to the rise in foreclosure filings, policymakers are increasingly concerned with helping families in financial distress keep their homes. This paper tests the extent to which distressed mortgage borrowers benefit from three types of state foreclosure polices: (1) judicial foreclosure...

Loan modifications offer one strategy to prevent mortgage foreclosures by lowering interest rates, extending loan terms and/or reducing principal balance owed. Yet we know very little about who receives loan modifications and/or the terms of the modification. This paper uses data from a sample...

After almost a decade of strong price appreciation, the housing market fell into a steep decline in 2007. By 2008, foreclosure filings on owner-occupied homes were surpassing record levels. Due to the housing downturn, fewer renters may aspire to own a home, which could have lasting implications...

The Food and Drug Administration’s application of black box warnings to several high profile medications has heightened the attention surrounding the risks of prescription drugs and the role of warning labels. Previous research indicates that the issuance of a black box warning to a...

Equity in a home can serve as an important source of supplemental income in retirement. Reverse mortgages allow seniors to draw down equity without selling their home, and without a monthly mortgage payment. The most widely used reverse mortgage product is offered by Federal Housing...