Under-refinancing limits the transmission of accommodative monetary policy to the household sector and costs mortgage … likelihood mortgage holders are attentive by over 60%, from 24% to 39%. A conservative back-of-the-envelope cost …

We characterize the large number of mortgage offers for which people qualify in the United Kingdom. Very few pick the … dispersion in the mortgage menu is consistent with banks price discriminating for borrowers who might pick poorly, while …

asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …

increased credit to unaffected parts of the conforming-mortgage market. Banks responded by reallocating provision of speculative … mortgage credit across their local markets, which in turn affected their provision of small business credit. These adjustments …

This paper examines the long-term impact of keeping versus losing one's home following a mortgage delinquency in the … and compare outcomes between those who received a mortgage modification and those who did not. These two groups exhibit …

We introduce a reduced-form modeling framework for mortgage-backed securities in which we solve for the implied … actual prepayments, providing direct evidence of significant prepayment risk premia in mortgage-backed security prices. We … risk. We also find evidence that mortgage-backed security prices were significantly affected by Fannie Mae credit risk and …