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in a large government mortgage program. The Federal Housing Administration (FHA) insures most mortgages to lower …-downpayment, lower credit score borrowers, including a majority of first-time homebuyers. The FHA charges borrowers an annual mortgage …
Persistent link: https://www.econbiz.de/10011710175
. From 2009:Q3 to 2011:Q3, aggregate household debt declined by about $1.5 trillion in real terms, with mortgage debt falling … individual credit records to better understand why mortgage debt has declined. I decompose changes in aggregate mortgage debt … over two-year periods spanning the past decade into inflows (from individuals whose mortgage debt increases during a given …
Persistent link: https://www.econbiz.de/10013106986
Previous research indicates that changes in housing wealth affect consumer spending on cars. We find that home equity extraction plays only a small role in this relationship. Consumers rarely use funds from equity extraction to purchase a car directly, even during the mid-2000s housing boom;...
Persistent link: https://www.econbiz.de/10012855857
many mortgage lenders. Fixed-COFI mortgages may help some renters gain access to homeownership. These renters may be, for …The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation … accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially …
Persistent link: https://www.econbiz.de/10011802976
homeownership. In this paper we use property-level data to estimate the effect of government mortgage guarantees on homeownership … government guarantees, but find no robust effect on homeownership. This finding suggests that government guarantees could be … considerably reduced with modest effects on homeownership, which is relevant for housing finance reform plans that propose to …
Persistent link: https://www.econbiz.de/10012179046
We estimate a neighborhood choice model using 2014 American Community Survey data to investigate the degree to which new housing supply can improve housing affordability. In the model, equilibrium rental rates are determined so that the number of households choosing each neighborhood is equal to...
Persistent link: https://www.econbiz.de/10011932213
We construct a new measure of mortgage credit availability that describes the maximum amount obtainable by a borrower … of given characteristics. We estimate this "loan frontier" using mortgage originations data from 2001 to 2014 and show … that it reflects a binding borrowing constraint. Our estimates reveal that the expansion of mortgage credit during the …
Persistent link: https://www.econbiz.de/10011803181
have higher mortgage delinquency and charge-off rates and significantly higher probabilities of failure during the last … stronger capital buffers. Our results suggest that there is scope for improved measures of mortgage loan risk that could be …
Persistent link: https://www.econbiz.de/10011803674
We document that banks reduce supply of jumbo mortgage loans when policy uncertainty increases as measured by the …
Persistent link: https://www.econbiz.de/10012182102
From 1999 to 2013, U.S. mortgage debt doubled and then contracted sharply. Our understanding of the factors driving … this volatility in the stock of debt is hampered by a lack of data on mortgage flows. Using comprehensive, individual …-level panel data on consumer liabilities, I estimate detailed mortgage inflows and outflows. During the boom, inflows from real …
Persistent link: https://www.econbiz.de/10013043725