We follow a representative panel of US borrowers to study the suspension of household
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …

We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …

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 …

We examine the behavior of mortgage borrowers over several economic cycles using an
unprecedented dataset of origination and monthly performance records for over 120 million …

We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that
provided intermediaries with sizable financial incentives to renegotiate mortgages. HAMP …

We document that contractual disclosures by intermediaries during the sale of mortgages
contained false information about the borrower's housing equity in 7–14% of loans. The rate …

We examine the ability of the government to impact mortgage refinancing activity and spur
consumption by focusing on the Home Affordable Refinance Program (HARP) that relaxed …

Statistical default models, widely used to assess default risk, fail to account for a change in
the relations between different variables resulting from an underlying change in agent …

This article explores the causes and consequences of cross-country variation in mortgage
market structure. It draws on insights from several fields: urban economics, asset pricing …