Borrowing decisions affect most households, with large stakes and implications for research
subfields as varied as macroeconomics and industrial organization. I review theoretical and …

Shadow bank market share in residential mortgage origination nearly doubled from 2007 to
2015, with particularly dramatic growth among online “fintech” lenders. We study how two …

Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that
a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in …

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 …

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 …

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 …

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 …

From 2007 to 2009, states without a judicial requirement for foreclosures were twice as likely
to foreclose on delinquent homeowners. Analysis of borders of states with differing …