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Journal Article
Home-Ownership Center on Wheels
Community Development, Federal Reserve Bank of Dallas (2004)
Freddie Mac, Chase Home Finance and The Community College Foundation are sponsoring an innovative program called the Chase Home Finance Mobile Homeownership Center.
e-Perspectives , Volume 4 , Issue 2

Working Paper
The Marginal Effect of Government Mortgage Guarantees on Homeownership
Kim, You Suk; Grundl, Serafin J. (2019-04-16)
The U.S. government guarantees a majority of residential mortgages, which is often justified as a means to promote homeownership. In this paper we use property-level data to estimate the effect of government mortgage guarantees on homeownership, by exploiting variation of the conforming loan limits (CLLs) along county borders. We find substantial effects on government guarantees, but find no robust effect on homeownership. This finding suggests that government guarantees could be considerably reduced with modest effects on homeownership, which is relevant for housing finance reform plans that ...
Finance and Economics Discussion Series , Paper 2019-027

Discussion Paper
Small-Dollar Mortgages for Single-Family Residential Properties
Strochak, Sarah; McCargo, Alanna; George, Taz; Bai, Bing (2018-04-01)
There is a significant lack of financing available for low-cost homes, which many first-time homebuyers and low- and middle-income families rely on to move from renting to homeownership. This brief examines the availability of small-dollar mortgages (up to $70,000) for home purchases, refinances, and improvements, presenting a wealth of information on borrower and loan characteristics, production channels, and the geographic distribution of low-cost homes. We find that there is limited mortgage availability for the small loans needed to support the significant number of low-cost property ...
Policy Discussion Paper Series

Discussion Paper
Inequality in U.S. Homeownership Rates by Race and Ethnicity
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2020-07-08)
Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying ...
Liberty Street Economics , Paper 20200708a

Speech
Remarks at the Summit REO and Vacant Properties: Strategies for Neighborhood Stabilization
Evans, Charles L. (2010-09-01)
A speech delivered by Charles Evans before the Summit on REO and Vacant Property Strategies for Neighborhood Stabilization on September 1, 2010, in Washington, DC.
Speech , Paper 44

Discussion Paper
Who Has Been Evicted and Why?
Haughwout, Andrew F.; Zhang, Xiaohan; Liu, Haoyang (2020-07-08)
More than two million American households are at risk of eviction every year. Evictions have been found to cause prolonged homelessness, worsened health conditions, and lack of credit access. During the COVID-19 outbreak, governments at all levels implemented eviction moratoriums to keep renters in their homes. As these moratoriums and enhanced income supports for unemployed workers come to an end, the possibility of a wave of evictions in the second half of the year is drawing increased attention. Despite the importance of evictions and related policies, very few economic studies have been ...
Liberty Street Economics , Paper 20200708b

Working Paper
Improving the 30-Year Fixed-Rate Mortgage
von Hafften, Alexander H.; Passmore, Wayne (2017-08-25)
The 30-year fixed-rate fully amortizing mortgage (or "traditional fixed-rate mortgage") was a substantial innovation when first developed during the Great Depression. However, it has three major flaws. First, because homeowner equity accumulates slowly during the first decade, homeowners are essentially renting their homes from lenders. With so little equity accumulation, many lenders require large down payments. Second, in each monthly mortgage payment, homeowners substantially compensate capital markets investors for the ability to prepay. The homeowner might have better uses for this ...
Finance and Economics Discussion Series , Paper 2017-090

Report
Disaster (over-)insurance: the long-term financial and socioeconomic consequences of Hurricane Katrina
Bleemer, Zachary; Van der Klaauw, Wilbert (2017-02-01)
Federal disaster insurance?in the form of national flood insurance, the Federal Emergency Management Agency (FEMA), and other programs?is designed to nationally-distribute large geography-specific shocks like earthquakes and hurricanes. This study examines the local longrun net impact of Hurricane Katrina and the subsequent policy response on impacted residents. Using a unique fifteen-year panel of five percent of adult Americans? credit reports, we find higher rates of insolvency and lower homeownership among inundated residents of New Orleans ten years after the storm, relative to their ...
Staff Reports , Paper 807

Working Paper
Fintech Lending and Mortgage Credit Access
Lambie-Hanson, Lauren; Lambie-Hanson, Timothy; Jagtiani, Julapa (2019-11-18)
Following the 2008 financial crisis, mortgage credit tightened and banks lost significant mortgage market share to nonbank lenders, including to fintech firms recently. Have fintech firms expanded credit access, or are their customers similar to those of traditional lenders? Unlike in small business and unsecured consumers lending, fintech mortgage lenders do not have the same incentives or flexibility to use alternative data for credit decisions because of stringent mortgage origination requirements. Fintech loans are broadly similar to those made by traditional lenders, despite innovations ...
Working Papers , Paper 19-47

Working Paper
Credit Score Doctors
Huang, Xing; Hu, Luojia; Simonov, Andrei (2020-02-25)
We study how the existence of cutoffs in credit scores affects the behavior of homebuyers. Borrowers are more likely to purchase houses after their credit scores cross over a cutoff to qualify them for a higher credit score bin. However, the credit accounts of these individuals (crossover group) are more likely to become delinquent within four years following home purchases than the accounts of those who had stayed in the same bin (non-crossover group). The effect is not only concentrated in subprime bins, but in other bins as well. It is neither limited to pre-crisis period nor curtailed by ...
Working Paper Series , Paper WP 2020-07

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