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Working Paper
Using bankruptcy to reduce foreclosures: does strip-down of mortgages affect the supply of mortgage credit?
We assess the credit market impact of mortgage ?strip-down? ? reducing the principal of underwater residential mortgages to the current market value of the property for homeowners in Chapter 7 or Chapter 13 bankruptcy. Strip-down of mortgages in bankruptcy was proposed as a means of reducing foreclosures during the recent mortgage crisis but was blocked by lenders. Our goal is to determine whether allowing bankruptcy judges to modify mortgages would have a large adverse impact on new mortgage applicants. Our identification is provided by a series of U.S. Court of Appeals decisions during the ...
Speech
Beyond the macroeconomy
Remarks at the Economic Press Briefing, Federal Reserve Bank of New York, New York City.
Speech
Remarks at the Economic Press Briefing on Homeownership and Housing Wealth, Federal Reserve Bank of New York, New York City
Remarks at the Economic Press Briefing on Homeownership and Housing Wealth, Federal Reserve Bank of New York, New York City.