The boom in the subprime mortgage market yielded many loans with high LTV ratios. From a large proprietary database on … subprime mortgages, we find that choice of mortgage rate type is not linear in loan sizes. A fixed rate mortgage contract is a … adjustable rate mortgage contracts. However, when LTV reaches a certain level, borrowers start to switch back to fixed rate …

We document wide dispersion in the mortgage rates that households pay on identical loans, and show that borrowers … percentile mortgage rate that borrowers with the same characteristics obtain for identical loans, in the same market, on the same … direct evidence that financial knowledge and shopping both affect the mortgage rates borrowers get, and that shopping …

foreclosures (a 20% reduction) and created $300 billion in housing wealth. The CFPLs boosted mortgage modifications and reduced … that entered foreclosure. The CFPLs had minimal adverse side effects on the availability of mortgage credit for new …

Households who wish to extract home equity through refinancing their mortgage face a hidden transaction cost. The real … value of the fixed nominal mortgage payment declines over time with inflation. The change in the real value of the mortgage … payments from taking on a new mortgage is positive and an increasing function of inflation; higher inflation thus discourages …

previous studies. The results from a Logit model of mortgage choice indicate that pricing variables and affordability are … financial risk largely influence mortgage choice, with more risk-averse borrowers preferring fixed-rate mortgages. For … households that are less risk averse, the mortgage type choice decision is less sensitive to pricing variables and income …

and creditors in the commercial real estate mortgage market by comparing loans in commercial mortgage backed securities …

Did government mortgage programs mitigate the adverse economic effects of the financial crisis? We find that counties … with greater participation in traditional government mortgage programs experienced less severe economic downturns during … lending had relatively smaller increases in mortgage delinquency rates; smaller declines in purchase originations, home sales …

We examine the evolution of mortgage modification terms obtained by distressed subprime borrowers during the recent …-modification mortgage outcomes. We find that principal reductions are particularly effective at improving loan outcomes, as high loan …

The relationship between the mortgage interest rate and a household's demand for mortgage debt has important … novel estimates of the interest rate elasticity of mortgage demand. Our empirical strategy exploits a discrete jump in … Freddie Mac. This discontinuity creates a large "notch" in the intertemporal budget constraint of prospective mortgage …

We study the evolution of US mortgage credit supply during the COVID-19 pandemic. Although the mortgage market … guarantees and loans to the riskiest borrowers. Mortgage-backed securities purchases by the Federal Reserve also supported the …