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Keywords:Mortgage loans 

Working Paper
Homeownership at high cost : foreclosure risk and high cost loans in California

The relatively low rate of mortgage default and foreclosure in California in recent years obscures the fact that many Californians have high-cost home loans that they cannot afford. High cost loans are particularly common in low-income and minority communities, suggesting that those who can least afford it are paying the most for credit. In communities where high cost lending is more prevalent, so is the prevalence of households that are defaulting on their mortgage. Homeownership may be coming at too high a price for these households and communities.
Community Development Working Paper , Paper 2006-01

Discussion Paper
Why did so many people make so many ex post bad decisions?: the causes of the foreclosure crisis

This paper presents 12 facts about the mortgage market. The authors argue that the facts refute the popular story that the crisis resulted from financial industry insiders deceiving uninformed mortgage borrowers and investors. Instead, they argue that borrowers and investors made decisions that were rational and logical given their ex post overly optimistic beliefs about house prices. The authors then show that neither institutional features of the mortgage market nor financial innovations are any more likely to explain those distorted beliefs than they are to explain the Dutch tulip bubble ...
Public Policy Discussion Paper , Paper 12-2

Journal Article
Two popular Fed brochures now available in Spanish

Financial Update , Volume 16 , Issue Q 3

Working Paper
Why do markets freeze?

Consider the sale of mortgages by a loan originator to a buyer. As widely noted, such a transaction is subject to a severe adverse selection problem: the originator has a natural information advantage and will attempt to sell only the worst mortgages. However, a second important feature of this transaction has received much less attention: both the seller and the buyer may have existing inventories of mortgages similar to those being sold. The authors analyze how the presence of such inventories affects trade. They use their model to discuss implications for regulatory intervention in ...
Working Papers , Paper 09-24

Journal Article
Mortgage refinancing

FRBSF Economic Letter

Working Paper
An analysis of the neighborhood impacts of a mortgage assistance program: a spatial hedonic model

Down-payment or closing-cost assistance is an effective program in addressing the wealth constraints of low- and moderate-income homebuyers. However, the spillover effect of such programs on the neighborhood is unknown. This paper estimates the impact of the City of Dallas Mortgage Assistance Program (MAP) on nearby home values using a hedonic model of home sales from 1990 to 2006. We define neighborhoods of 1,000 feet around each sale and estimate the average differences in sales prices between neighborhoods with various numbers of MAP properties before and after their appearance. We find ...
Working Papers , Paper 1001

Journal Article
Changes in the mortgage market since the crisis

It appears that mortgage origination and securitization is currently ?in limbo?: Private securitization has all but disappeared and is being absorbed by government- sponsored enterprises
Economic Synopses

Working Paper
Bankruptcy exemptions, credit history, and the mortgage market.

We develop and test a model of mortgage underwriting, with particular reference to the role of credit bureau scores. In our model scores are used in a standardized fashion, which reflects the prevalence of automated underwriting in industry practice. We show that our model has implications for the debate on the effect of personal bankruptcy exemptions on secured lending. Recent literature (Berkowitz and Hynes (1999), Lin and White (2001)) has developed conflicting theories?and found conflicting results?seeking to explain how exemptions affect the mortgage market. ; By contrast, our model ...
Working Papers , Paper 04-14

Journal Article
Redlining : an economic analysis

An abstract for this article is not available
Economic Review , Volume 66 , Issue Nov , Pages 3-13

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