A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession
We investigate the impact of Great Recession policies in California that substantially increased lender pecuniary and time costs of foreclosure. We estimate that the California Foreclosure Prevention Laws (CFPLs) prevented 250,000 California foreclosures (a 20% reduction) and created $300 billion in housing wealth. The CFPLs boosted mortgage modifications and reduced borrower transitions into default. They also mitigated foreclosure externalities via increased maintenance spending on homes that entered foreclosure. The CFPLs had minimal adverse side effects on the availability of mortgage ...
Mortgage discrimination and FHA loan performance
Housing and mortgage markets: the post-1982 expansion
Regional house price dispersion and interregional migration
More Than Shelter: The Eﬀects of Rental Eviction Moratoria on Household Well-Being
We investigate the impact of 2020 COVID-19 rental eviction moratoria on household well-being. Analysis of new panel data indicates that eviction moratoria reduced evictions filings and resulted in redirection of scarce household ﬁnancial resources to immediate consumption needs, notably including food and grocery spending. We also ﬁnd that eviction moratoria reduced household food insecurity and mental stress, with larger effects evidenced among African American households. Findings suggest broad salutary effects of eviction moratoria during a period of widespread virus and economic ...
Crises in the thrift industry and the cost of mortgage credit