Rising home values also raise the cost of living, offsetting their impact on consumption.
However, additional home equity collateral can loosen borrowing constraints, increasing …

The objective of residential Property Assessed Clean Energy (PACE) programs is to
increase environmentally friendly home renovations, like solar panel installations, for private …

The macroeconomic effects of housing illiquidity are analyzed using a novel directed search
model of housing with long-term debt and default. Debt overhang emerges when highly …

Using a newly constructed database for 26 countries over 2000-2014, we analyze cross-
country and within-country differences in mortgage arrears. We find that restrictive macro …

We find that housing return volatility is negatively correlated with income at the zip-code
level. We rationalize this finding with a model featuring a collateral constraint that translates …

Using loan level data on mortgage loans originated by Dutch banks during 1996 to 2015, we
analyse the determinants of the incidence of non-performance. We find that both the …

We study the impact of a legislative change in Romania that retroactively modified mortgage
recourse policies, providing a natural experiment to analyze borrower behavior under …

Regulation of foreclosure in a financial crisis has been a centuries-long conundrum to
authorities. Japan in the fifteenth and sixteenth centuries had free financial, land and …

Borrowers in states with non-recourse mortgage law face limited liability on their mortgage
loans. Using a regression discontinuity design at state borders, we show that non-recourse …

Borrower-friendly laws, such as recourse restrictions and judicial foreclosures, impose
higher costs and risks to lenders. Yet, there is little evidence on how lenders transfer them to …