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Working Paper
Housing and debt over the life cycle and over the business cycle
Pavan, Marina; Iacoviello, Matteo (2009)
This paper describes an equilibrium life-cycle model of housing where nonconvex adjustment costs lead households to adjust their housing choice infrequently and by large amounts when they do so. In the cross-sectional dimension, the model matches the wealth distribution; the age profiles of consumption, homeownership, and mortgage debt; and data on the frequency of housing adjustment. In the time-series dimension, the model accounts for the procyclicality and volatility of housing investment, and for the procyclical behavior of household debt.
Working Papers , Paper 09-12

Working Paper
The rise in mortgage defaults
Pence, Karen M.; Mayer, Christopher J.; Sherlund, Shane M. (2008)
The main factors underlying the rise in mortgage defaults appear to be declines in house prices and deteriorated underwriting standards, in particular an increase in loan-to-value ratios and in the share of mortgages with little or no documentation of income. Contrary to popular perception, the growth in unconventional mortgages products, such as those with prepayment penalties, interest-only periods, and teaser interest rates, does not appear to be a significant factor in defaults through mid-2008 because borrowers who had problems with these products could refinance into different ...
Finance and Economics Discussion Series , Paper 2008-59

Journal Article
Spotlight: Texas subprime mortgages: metros vary on risky loans--and delinquencies
Kumar, Anil; Di, Wenhua (2009-01)
The current financial crisis has brought a severe decline in subprime mortgage lending. Like the nation, Texas and its metros still have exposure to existing loans. Housing prices, unemployment and overall economic activity will play a significant part in determining how many of them run into trouble.
Southwest Economy , Issue Q1 , Pages 7

Working Paper
Do homeowners know their house values and mortgage terms?
Bucks, Brian K.; Pence, Karen M. (2006)
To assess whether homeowners know their house values and mortgage terms, we compare the distributions of these variables in the household-reported 2001 Survey of Consumer Finances (SCF) to the distributions in lender-reported data. We also examine the share of SCF respondents who report not knowing these variables. We find that most homeowners appear to report their house values and broad mortgage terms reasonably accurately. Some adjustable-rate mortgage borrowers, though, and especially those with below-median income, appear to underestimate or not know how much their interest rates could ...
Finance and Economics Discussion Series , Paper 2006-03

Working Paper
Foreclosures in Ohio: does lender type matter?
Ergungor, O. Emre (2007)
Whether mortgages are originated mostly by depository institutions regulated by the Federal agencies or by less-regulated lenders does not seem to affect the foreclosure filing rate in Ohio?s counties. What seems to matter is whether the lenders have a physical presence in the market, in which case, foreclosure rates are lower.
Working Papers (Old Series) , Paper 0724

Journal Article
Stripdowns and bankruptcy: lessons from agricultural bankruptcy reform
Fitzpatrick, Thomas J.; Thomson, James B. (2010-08)
One type of financial reform being proposed to deal with the aftermath of the housing crisis is allowing bankruptcy judges the authority to modify residential mortgages in a way referred to as a stripdown. The reform is seen by some as a partial solution to the rise in foreclosures and as a Pandora?s box by others. But the debate is not new one. The 1980s farm foreclosure crisis sparked similar proposals and concerns. Congress decided to enact legislation that contained a stripdown provision, resulting in the creation of Chapter 12 in the bankruptcy code. The effects of Chapter 12 stripdown ...
Economic Commentary , Issue Aug

Journal Article
Why didn’t Canada’s housing market go bust?
MacGee, James (2009-09)
Housing markets in the United States and Canada are similar in many respects, but each has fared quite differently since the onset of the financial crisis. A comparison of the two markets suggests that relaxed lending standards likely played a critical role in the U.S. housing bust.
Economic Commentary , Issue Sep

Journal Article
Recovering from the housing and financial crisis
Luttrell, David; Duca, John V. (2010)
The recent recession was unusual because it stemmed from an unsustainable easing of credit standards and financing, which fueled the prior expansion but also the imbalances that led to the worst recession since the 1930s. When losses on new financial practices ended excessive lending, the economy was hit by housing and credit shocks, culminating in a financial crisis. Home construction plunged, wealth fell, credit standards tightened and financial markets seized up. ; The initial impacts of these four shocks on gross domestic product (GDP) were amplified by cyclical interactions between ...
Economic Letter , Volume 5

Speech
Mortgage banking: a speech to the American Bankers Association Annual Convention, Palm Desert, California (via satellite), September 27, 2005
Greenspan, Alan (2005)
Speech , Paper 132

Journal Article
Repairing the damage
Steeves, Brye (2008-04)
TEN , Issue Spr , Pages 20-27

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