Black and Hispanic homeowners pay significantly higher mortgage interest rates than white
and Asian homeowners. We show that the main reason is that white and Asian borrowers …

We study how employment documentation requirements and out‐of‐pocket closing costs
constrain mortgage refinancing. These frictions, which bind most severely during recessions …

The COVID-19 pandemic exacerbated racial disparities in US mortgage markets. Black,
Hispanic, and Asian borrowers were significantly more likely than white borrowers to miss …

I use a structural model to quantify the cross-subsidization in the US mortgage market due to
heterogeneous borrower refinancing tendencies. In equilibrium, the presence of borrowers …

The racial contours of the United States' subprime lending boom, foreclosure crisis, and
subsequent recovered market illustrate that the benefits and risks of homeownership were …

We use a search and matching model to study the heterogeneous welfare effects of housing
market illiquidity due to mortgage lock-in over the lifecycle. We find that younger home …

Between the late 1970s through 2013, state Housing Finance Agencies (HFAs) financed
nearly $300 billion in mortgages to low‐and moderate‐income first‐time homebuyers …

Many US mortgage borrowers do not refinance, despite seemingly having financial
incentives to do so. We explore the role of search costs in explaining this inaction, focusing …

In this paper, we explore how refinancing influences subsequent housing outcomes for
financially vulnerable homeowners, including overcrowding, homeownership sustainability …

This article uses national data disclosed as part of the Home Mortgage Disclosure Act
(HMDA) to examine variations in loan costs based on type of loan, borrower, purpose …