We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California foreclosures (a 20% reduction) and created $300...

We use Google search query data to develop a broad-based and real-time index of mortgage default risk. Unlike established indicators, our Mortgage Default Risk Index (MDRI) directly reflects households' concerns regarding their risk of mortgage default. The MDRI predicts housing returns,...

We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California foreclosures (a 20% reduction) and created $300...

We study the genesis of the 2000s housing boom in Denmark, a country with a similar mortgage finance system to the U.S., but where subprime mortgages were absent, regulatory loan-to-value ratios were unchanged, and there was no reallocation of credit towards low income borrowers. Our results...