How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP
In: FRB of New York Staff Report No. 841
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In: FRB of New York Staff Report No. 841
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Working paper
In: American economic review, Band 106, Heft 5, S. 636-640
ISSN: 1944-7981
We use a strategic household survey to study the sensitivity of intended homeownership decisions to financing constraints. We find that the average stated likelihood of buying a home is strongly sensitive to the size of the required down payment, which we vary exogenously across three scenarios. This sensitivity is particularly high for respondents that appear more liquidity constrained based on observable characteristics (including current renters, or owners with low savings or low home equity). For renters, expectations of future rent inflation and of improvements to their personal financial situation also predict intention to buy.
In: FRB of New York Staff Report No. 702
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Working paper
In: NBER Working Paper No. w19345
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In: NBER Working Paper No. w15829
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In: FRB of Boston Working Paper No. 10-1
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In: FRB of Boston Working Paper No. 09-2
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In: FRB of New York Staff Report No. 851
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In: FRB of New York Staff Report No. 594
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Working paper
This paper measures the effects on the primary U.S. mortgage market of the large-scale asset purchase (LSAP) program in which the Federal Reserve bought $1.25 trillion of mortgagebacked securities in 2009 and 2010. We use an event-study approach and measure the movements in both prices and quantities around the initial announcement of the LSAP and subsequent changes to the program. We use a new dataset to document the changes in the menu of rates and points offered to borrowers and show that there was wide dispersion in the rate changes generated by the announcement of the LSAP program, with some borrowers seeing immediate rate reductions of up to 40 basis points and other borrowers confronting rate increases. We show that the LSAP program led to a substantial boost in market activity, with discontinuous increases in searches, applications and originations for refinance mortgages, but not purchase mortgages. Finally, we show that more creditworthy borrowers were significantly more likely to benefit from the improved credit availability.
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In: Journal of monetary economics, S. 103614
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In: Swiss Finance Institute Research Paper No. 24-21
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In: Journal of Finance, Forthcoming
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In: University of Chicago, Becker Friedman Institute for Economics Working Paper No. 2021-95
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