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Keywords:Mortgages 

Journal Article
A call to ARMs: adjustable rate mortgages in the 1980s

Adjustable rate mortgages, long-term loans that provide for interest rate changes at regular intervals over their lifetimes, have recently become a major source of residential mortgage financing in this country. Today adjustable rate mortgages probably account for close to 25 percent of total home mortgage debt. ; While adjustable rate mortgages (ARMs) have grown to be an important factor in mortgage lending, their variety and complexity have led to confusion. This article discusses their advantages and disadvantages to both borrowers and lenders, and highlights the nature of the risks ...
New England Economic Review , Issue Mar , Pages 47-61

Journal Article
A real, affordable mortgage

Homeownership has long been a cherished American goal, but many now find that homeownership is no longer possible. The median household income of potential first-time homebuyers is now estimated to be only three-quarters that required to afford the median-priced starter home. As a consequence, the 1980s was the first decade since the Great Depression during which the aggregate homeownership rate fell. ; The Price Level Adjusted Mortgage (PLAM) represents a genuine and substantial advance in housing finance in an inflationary environment. PLAMs rearrange the timing of the mortgage payments so ...
New England Economic Review , Issue Jan , Pages 51-66

Journal Article
Defaults, denials, and discrimination in mortgage lending

The results of the study of discrimination in mortgage lending by Munnell, Browne, McEneaney, and Tootell (1992) have been questioned by some who claim that the authors failed to control adequately for the expected profitability of each loan. Critics assert that an examination of default rates for minorities and whites would explain the disparate treatment minorities received in obtaining mortgage loans. ; This article will demonstrate that studies of denials are a valid approach to testing for discrimination and that, in fact, examination of defaults cannot, in general, reveal much about the ...
New England Economic Review , Issue Sep , Pages 45-51

Journal Article
Mortgage lending in Boston: a response to the critics

Three years ago, the Federal Reserve Bank of Boston released an examination of racial patterns in mortgage denial rates in the Boston area. The study was motivated by newly available data on mortgage applications, showing that black and Hispanic applicants were two to three times as likely to be turned down for mortgages as white applicants. The study gathered all the variables thought to be missing from the HMDA analysis, such as the applicants' debt burdens and credit histories, to see whether these economic factors explained the racial difference in denial rates. Although the additional ...
New England Economic Review , Issue Sep , Pages 53-78

Journal Article
A new look at reverse mortgages: potential market and institutional constraints

Most elderly hold a significant portion of their non-pension wealth in housing equity. Although they might prefer to use this housing equity to finance current consumption, to pay for an emergency, or to help out a relative in need, utilizing this wealth, would force the sale of their home. Traditional home equity lines of credit require that principal and interest be paid back over a fixed time interval, yet many elderly want to avoid mortgage payments because they live on a limited income. Reverse mortgages hold the promise of helping elderly homeowners out of this bind by allowing them to ...
New England Economic Review , Issue Mar , Pages 15-26

Journal Article
Gifts for home purchase and housing market behavior

Rapid increases in house prices can make home ownership more difficult for prospective first-time home buyers by increasing the required down payment amount and, if the increases outpace income growth, by increasing the ratio of mortgage payments to income. In response to such constraints, households may seek a gift or loan from a family member to use as part of the down payment. ; Family transfers for housing purchase may be useful in understanding the relationship between housing finance and housing markets. Gifts may play a critical role for some households in home purchase activity in ...
New England Economic Review , Issue May , Pages 47-58

Journal Article
Race and mortgage lending: dissecting the controversy

Regional Review , Issue Fall , Pages 18-24

Journal Article
The key to unlocking old money

Regional Review , Issue Spr , Pages 25

Conference Paper
A summary of: \\"Do households benefit from financial deregulation and innovation? the case of mortgage market\\"

Proceedings , Paper 1054

Conference Paper
The financial crisis and regulatory reform

Proceedings , Paper 1134

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