Homeownership, mortgages, and unemployment

Subprime Outcomes: Risky Mortgages, Homeownership Experiences, and Foreclosures

Mortgages and monetary policy

How is monetary policy transmitted through its impact on mortgage borrowings? How does this transmission mechanism depend on whether mortgages are fixed or floating rate? To address these questions, we add a model of financial institutions’ behaviour to a dynamic general equilibrium model in which some households face credit constraints. We use this model to analyse the real effects of inflatio...

A Treatise on Mortgages

Adjustable Rate Mortgages: Valuation

A simulation method is employed to value Adustable Rate Mortgages, (ARMS). It is used to price two typical instruments: an ARM linked to a Treasury interest rate and an ARM linked to a "Cost of Funds" Index. Contractual provisions such as the margin over the index, caps and floors on the ARM's rate or on the monthly prepayment, reset frequency, and the "teaser" rate are examined for their influ...

Ethnic Identity and Immigrant Homeownership

Ethnic Identity and Immigrant Homeownership Immigrants are much less likely to own their homes than natives, even after controlling for a broad range of life-cycle and socio-economic characteristics and housing market conditions. This paper extends the analysis of immigrant housing tenure choice by explicitly accounting for ethnic identity as a potential influence on the homeownership decision,...