A Private Lender Cooperative Model for Residential Mortgage Finance

Cross-Lender Variation in Home Mortgage Lending

by Robert B. Avery, Patricia E. Beeson, and Mark S. Sniderman Robert B. Avery is an associate professor in the Department of Consumer Economics and Housing, Cornell University, and Patricia E. Beeson is an associate professor of economics at the University of Pittsburgh; both are visiting scholars at the Federal Reserve Bank of Cleveland. MarkS. Sniderman is senior vice president and director o...

A Primer on the Mortgage Market and Mortgage Finance

This article is a primer on mortgage finance. It discusses the basics of the mortgage market and mortgage finance. In so doing, it provides useful information that can aid individuals in making better mortgage finance decisions. The discussion and the tools are presented within the context of mortgage finance; however, these same principles and tools can be applied to a wide range of financial ...

Residential Mortgage Default

although default rates on residential mortgages have been relatively low in recent years, policymakers and economists should still be concerned about mortgage default for several reasons. First, while the foreclosure rate in the u.s. has averaged only 1 percent over the past 20 years, there have been dramatic swings in regional default rates over this period. For example, in the early 1990s for...

The Future of the Mortgage Finance System

Punishment or Forgiveness? Loan Modi cations in Private Label Residential Mortgage Backed Securities from 2008-2014

I estimate the extent to which modi cations of privately securitized mortgages increased or forgave debt during the Great Recession and aftermath, from 2008-2014. I nd that loan modi cations weakened household balance sheets by adding $20 billion to household debt, with the net amount of debt added per modi cation doubling from 2010-2014. Using a decomposition analysis, I also nd that the incre...