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Keywords:Mortgages 

Newsletter
Interest-only mortgages and speculation in hot housing markets

Even as housing markets have temporarily shut down across the U.S. during the Covid-19 pandemic, housing remains a key sector that contributes disproportionately to fluctuations in overall economic activity and that will likely play an important role as the economy reopens. Interest in this market among research economists and policymakers intensified after the exceptional boom and bust in housing between 2003 and 2008. In this Chicago Fed Letter, we describe research in Barlevy and Fisher (2020)1 that examined patterns in the kinds of mortgages homebuyers took out in different cities during ...
Chicago Fed Letter , Issue 439 , Pages 6

Conference Paper
Measuring the CRA subsidy in mortgage markets

Proceedings , Paper 835

Report
Housing busts and household mobility: an update

This paper provides updated estimates of the impact of three financial frictions?negative equity, mortgage lock-in, and property tax lock-in?on household mobility. We add the 2009 wave of the American Housing Survey (AHS) to our sample and also create an improved measure of permanent moves in response to Schulhofer-Wohl?s (2011) critique of our earlier work (2010). Our updated estimates corroborate our previous results: Negative equity reduces household mobility by 30 percent, and $1,000 of additional mortgage or property tax costs reduces household mobility by 10 to 16 percent. ...
Staff Reports , Paper 526

Discussion Paper
Evidence on the size of banking markets from mortgage loan rates in twenty cities

Staff Studies , Paper 162

Working Paper
Adjustable-rate mortgages and the demand for mortgage credit

Working Paper Series / Economic Activity Section , Paper 112

Working Paper
A model of price swings in the housing market

In this paper we use a standard neoclassical model supplemented by some frictions to understand large price swings in the housing market. We construct a two good general equilibrium model in which housing is a composite good produced using structures and land. We revisit the connection between changes in interest rates, credit conditions as measured by maximum loan-to-value ratios and expectations in influencing housing prices in a setting in which the stock of housing can be used as collateral for borrowing and credit markets are segmented. We find that changes in interest rates and credit ...
Working Papers , Paper 2012-022

Journal Article
Statement to Congress, February 24, 1993(credit discrimination in mortgage lending)

Federal Reserve Bulletin , Issue Apr , Pages 307-313

Speech
Address to the New College class of 2010

Remarks at the New College of Florida 44th Annual Commencement, Sarasota, Florida.
Speech , Paper 23

Journal Article
Regulators: work with delinquent mortgage borrowers

Financial Update , Volume 20 , Issue 2

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