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Working Paper
Paying Too Much? Price Dispersion in the U.S. Mortgage Market
Bhutta, Neil; Fuster, Andreas; Hizmo, Aurel
(2020-08-21)
We document wide dispersion in the mortgage rates that households pay on identical loans, and show that borrowers' financial sophistication is an important determinant of the rates obtained. We estimate a gap between the 10th and 90th percentile mortgage rate that borrowers with the same characteristics obtain for identical loans, in the same market, on the same day, of 54 basis points|equivalent to about $6,500 in upfront costs (points) for the average loan. Time-invariant lender attributes explain little of this rate dispersion, and considerable dispersion remains even within loan officer. ...
Finance and Economics Discussion Series
, Paper 2020-062
Working Paper
Implications of Student Loan COVID-19 Pandemic Relief Measures for Families with Children
Goodman, Sarena; Hannon, Simona; Isen, Adam; Mezza, Alvaro
(2023-05-05)
The initial years of the COVID-19 pandemic and the resulting economic fallout likely posed particular financial strain on U.S. households with children, who faced income disruptions from widespread jobs and hours cuts in addition to new childcare and instruction demands. One common expense for many such households is their student loan payment. The Coronavirus Aid, Relief, and Economic Security (CARES) Act included provisions to curb the impacts of these payments, which have been extended several times. These measures were not targeted and thus applied independent of need. This chapter ...
Finance and Economics Discussion Series
, Paper 2023-025
Discussion Paper
The Fed’s Balance Sheet Runoff: The Role of Levered NBFIs and Households
Cipriani, Marco; Clouse, James A.; Logan, Lorie; Martin, Antoine; Riordan, Will
(2022-04-12)
In a Liberty Street Economics post that appeared yesterday, we described the mechanics of the Federal Reserve’s balance sheet “runoff” when newly issued Treasury securities are purchased by banks and money market funds (MMFs). The same mechanics would largely hold true when mortgage-backed securities (MBS) are purchased by banks. In this post, we show what happens when newly issued Treasury securities are purchased by levered nonbank financial institutions (NBFIs)—such as hedge funds or nonbank dealers—and by households.
Liberty Street Economics
, Paper 20220412
Working Paper
The Impact of Covid-19 Related Policy Responses on Municipal Debt Markets
Bernhardt, Robert; D'Amico, Stefania; Palacios, Santiago I. Sordo
(2021-09-03)
Municipal (muni) bonds are an important source of funding for state and local governments. During the Covid-19 pandemic, muni debt markets became severely distressed. In response, the Federal Reserve established the Municipal Liquidity Facility (MLF). Meanwhile, Congress enacted extensive fiscal measures that included direct aid to cities and states. To understand whether and how these policies worked, we employ a state-level regression model to estimate the relative efficacy of monetary and fiscal policy interventions for the term structure of muni-Treasury yield spreads. We find that fiscal ...
Working Paper Series
, Paper WP-2021-14
Working Paper
Borrowing and Spending in the Money: Debt Substitution and the Cash-out Refinance Channel of Monetary Policy
Anenberg, Elliot; Scharlemann, Tess C.; van Straelen, Eileen
(2023-11-21)
We show that the strong negative effect of higher mortgage rates on cash-out refinancing reflects substitution into other borrowing products, not large changes in total new household borrowing. We exploit an exogenous increase in long-term rates to show that, in the cross-section of outstanding mortgage rates, changes in cash-out and alternative borrowing are offsetting. Additionally, we instrument using monetary policy surprises to show that, over the period from 2006-2021, changes in cash-out refinancing are offset by alternative borrowing. Our results suggest that debt substitution ...
Finance and Economics Discussion Series
, Paper 2023-073
Working Paper
Can Everyone Tap into the Housing Piggy Bank? Racial Disparities in Access to Home Equity
Conklin, James; Gerardi, Kristopher; Lambie-Hanson, Lauren
(2023-11-09)
This paper documents large racial disparities in the ability of homeowners to access their housing wealth without moving. During the 2018–2021 period, Black homeowners’ mortgage equity withdrawal (MEW) product applications were rejected at almost double the rate of White homeowners (44% versus 23%), while Hispanic and Asian homeowners also experienced significantly higher denial rates (32% and 30%, respectively). These racial disparities in denials are much larger than those associated with purchase and rate/term refinance mortgage applications. Controlling for loan and borrower ...
Working Papers
, Paper 23-25
Working Paper
Can Everyone Tap Into the Housing Piggy Bank? Racial Disparities in Access to Home Equity
Conklin, James; Gerardi, Kristopher S.; Lambie-Hanson, Lauren
(2022-11-22)
An oft-touted benefit of homeownership is the ability to build and access equity, and in recent years the amount of “tappable” home equity held by US homeowners has reached historic levels. But more than one-quarter of recent applications for mortgage equity withdrawal (MEW) loan products were denied. Black and Hispanic homeowners’ applications were denied at even higher rates: 44 percent and 32 percent, respectively. These racial disparities in denials are larger than those associated with purchase and rate/term refinance mortgage applications. Controlling for loan and borrower ...
FRB Atlanta Working Paper
, Paper 2022-17
Working Paper
Financial Profiles of Workers Most Vulnerable to Coronavirus-Related Earnings Loss in the Spring of 2020
Hsu, Joanne W.; Helppie-McFall, Brooke
(2020-11-09)
In spring 2020, the COVID-19 pandemic and related shutdowns had huge effects on unemployment. Using data from the Survey of Consumer Finances, we describe the financial profiles of US families whose workers were most vulnerable to coronavirus-related earnings losses in the spring of 2020, based on whether a particular worker was deemed "essential" and whether a worker's job could be conducted remotely. We use descriptive analytic techniques to examine how families' baseline financial situations would allow them to weather COVID-shutdown-related earnings losses. We find that families with ...
Finance and Economics Discussion Series
, Paper 2020-093
Working Paper
Mortgage Prepayment, Race, and Monetary Policy
Gerardi, Kristopher S.; Willen, Paul S.; Zhang, David Hao
(2020-09-01)
This paper documents large differences in mortgage prepayment behavior across racial and ethnic groups in the United States, which have significant implications for monetary policy, inequality, and pricing. Using a novel data set that combines administrative data on mortgage performance with information on race and ethnicity, we show that Black and Hispanic white borrowers have significantly lower prepayment rates compared with Non-Hispanic white borrowers, holding income, credit score, and equity constant. This gap is on the order of 50 percent and largely reflects different sensitivities ...
Working Papers
, Paper 20-7
Working Paper
Limited Participation in Equity Markets and Business Cycles
Morelli, Juan M.
(2021-43-30)
This paper studies how the rise in US households' participation in equity markets affects the transmission of macroeconomic shocks to the economy. I embed limited participation into a New Keynesian framework for the US economy to analyze the individual and aggregate effects of higher participation. I derive three main results. First, participants are relatively more responsive to shocks than nonparticipants. Second, higher participation reduces the effectiveness of monetary policy. Third, with higher participation the economy becomes less volatile. I contrast key predictions of my model with ...
Finance and Economics Discussion Series
, Paper 2021-026
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