This study uses a boundary design and propensity score methods to study the effects of the
1930s-era Home Owners Loan Corporation (HOLC)“redlining” maps on the long-run …

We study the effects of securitization on renegotiation of distressed residential mortgages
over the current financial crisis. Unlike prior studies, we employ unique data that directly …

A leading explanation for the lack of widespread mortgage renegotiation is the existence of
frictions in the mortgage securitization process. This paper finds similarly small renegotiation …

Using novel data, we show that during the COVID-19 pandemic minority and lower-income
borrowers experienced significantly more financial distress. We quantify how much the …

For many households borrowing is possible only by accepting a financial contract that
specifies a fixed repayment stream. However, the future income that will repay this debt is …

We provide evidence that lenders differ in their ex post incentives to internalize price‐default
externalities associated with the liquidation of collateralized debt. Using the mortgage …

Did securitization exacerbate the foreclosure crisis by altering mortgage servicing practices?
I exploit the unanticipated freeze of private mortgage securitization in 2007 to provide new …

Do deals with debt collectors alleviate consumer financial distress? Using new data linking
court and credit registry records, we examine civil collection lawsuits where consumers can …

Using new data on market‐based transactions we construct real estate price indexes for
Manhattan between 1920 and 1939. During the 1920s prices reached their highest level in …

Academics responded to the challenges posed by the 2008 financial crisis with a flurry of
studies. This collection of articles is just the academic community's first look into it. The …