From 1999 to 2013, US mortgage debt doubled before contracting sharply. I estimate
mortgage inflows and outflows that shed light on the sources of volatility. During the boom …

Governments throughout the world intervene heavily in housing markets, and most have
multiple policies to pursue multiple goals. This chapter deals with two of the largest types of …

This paper investigates spatio-temporal variations in ex-post credit risk in the United States,
as a function of real estate prices, loan purchases made by government sponsored …

We use a regression discontinuity approach and present new institutional evidence to
investigate whether affordable housing policies influenced the market for securitized …

I measure the effect of mortgage debt-to-income restrictions on house prices using a change
in the eligibility requirements imposed by Fannie Mae and Freddie Mac. I show that in 1999 …

Abstract The 1992 Federal Housing Enterprises Financial Safety and Soundness Act (GSE
Act) mandated that a specified percentage of Fannie Mae and Freddie Mac purchases come …

The bailouts during the recent financial crisis enraged the public. They felt unfair—and
counterproductive: people who take risks must be allowed to fail. If we reward firms that …

This paper measures the effects of automated mortgage underwriting systems on leverage
and house prices during the 1990s. In addition to reducing processing times, these systems …

The Federal Reserve Bank of Atlanta's Center for Real Estate Analytics and the University of
North Carolina at Charlotte's Center for Real Estate jointly sponsored a research conference …

Abstract In 2007, approximately 20% of US homeowners with a subprime mortgage loan
experienced mortgage default, which resulted in the bank foreclosing on their home. The …