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This paper explores the link between mortgage origination fees and housing prices. It is argued that sharp decline in … mortgage origination fees in US since the late 1980s was caused by mortgage market deregulation and mortgage innovation. Based … on this reasoning the sources of exogenous variation in mortgage fees are identified, and the effect of mortgage fees on …
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!reased demand for mortgage loans is caused by substitution from other forms of consumercredit. Contrary to results reported in the …
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Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...
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In this paper we propose a SVAR identification strategy to disentangle two housing demand shocks and their ensuing effect on consumption. This builds on the literature studying the role of the collateral and housing wealth effects on household behaviour. A mix of zero and sign restrictions...
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