In response to the wave of residential mortgage foreclosures in the past few years, federal,
state and local government intervention programs have aimed to reduce the presumed …

We show that lenders charge higher interest rates for mortgages on properties exposed to a
greater risk of sea level rise (SLR). This SLR premium is not evident in short-term loans and …

This article reviews the surge in research on mortgage default inspired by the recent
foreclosure crisis. Economists already understood a great deal about default, both …

We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …

I investigate how the structure of the mortgage market influences macroeconomic dynamics,
using a general equilibrium framework with prepayable debt and a limit on the ratio of …

Household finance—the normative and positive study of how households use financial
markets to achieve their objectives—has gained a lot of attention over the past decade and …

The role of real estate during the global financial and economic crisis has prompted efforts to
better incorporate housing and financial channels into macro models, improve housing …

Financial intermediation has changed dramatically over the past 30 years, due in large part
to technological change. The paper first describes the role of the financial system in a …

In this paper, we solve a dynamic model of households' mortgage decisions incorporating
labor income, house price, inflation, and interest rate risk. Using a zero‐profit condition for …

We use survey data to measure households' propensity to default on mortgages even if they
can afford to pay them (strategic default) when the value of the mortgage exceeds the value …