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Discussion Paper
Who Are the Federal Student Loan Borrowers and Who Benefits from Forgiveness?
Goss, Jacob; Mangrum, Daniel; Scally, Joelle (2022-04-21)
The pandemic forbearance for federal student loans was recently extended for a sixth time—marking a historic thirty-month pause on federal student loan payments. The first post in this series uses survey data to help us understand which borrowers are likely to struggle when the pandemic forbearance ends. The results from this survey and the experience of some federal borrowers who did not receive forbearance during the pandemic suggest that delinquencies could surpass pre-pandemic levels after forbearance ends. These concerns have revived debates over the possibility of blanket forgiveness ...
Liberty Street Economics , Paper 20220421b

Discussion Paper
Credit Card Trends Begin to Normalize after Pandemic Paydown
Haughwout, Andrew F.; Lee, Donghoon; Mangrum, Daniel; Scally, Joelle; Van der Klaauw, Wilbert (2021-11-09)
Today, the New York Fed’s Center for Microeconomic Data released its Quarterly Report on Household Debt and Credit for the third quarter of 2021. Overall debt balances increased, bolstered primarily by a sizeable increase in mortgage balances, and for the second consecutive quarter, an increase in credit card balances. The changes in credit card balances in the second and third quarters of 2021 are remarkable since they appear to be a return to the normal seasonal patterns in balances. In a Liberty Street Economics post earlier this year we wrote about some demographic variation in these ...
Liberty Street Economics , Paper 20211109

Working Paper
Losing Public Health Insurance: TennCare Disenrollment and Personal Financial Distress
Tello-Trillo, D. Sebastian; Argys, Laura; Friedson, Andrew; Pitts, M. Melinda (2017-08-01)
A main goal of health insurance is to smooth out the financial risk that comes with health shocks and health care. Nevertheless, there has been relatively sparse evidence on how health insurance affects financial outcomes. The few studies that exist focus on the effect of gaining health insurance. This paper explores the effect of losing public health insurance on measures of individual financial well-being. In 2005, the state of Tennessee dropped about 170,000 individuals from Medicaid, resulting in a plausibly exogenous shock to health insurance status. Both across- and within-county ...
FRB Atlanta Working Paper , Paper 2017-6

Discussion Paper
Inequality in U.S. Homeownership Rates by Race and Ethnicity
Haughwout, Andrew F.; Lee, Donghoon; Scally, Joelle; Van der Klaauw, Wilbert (2020-07-08)
Homeownership has historically been an important means for Americans to accumulate wealth—in fact, at more than $15 trillion, housing equity accounts for 16 percent of total U.S. household wealth. Consequently, the U.S. homeownership cycle has triggered large swings in Americans’ net worth over the past twenty-five years. However, the nature of those swings has varied significantly by race and ethnicity, with different demographic groups tracing distinct trajectories through the housing boom, the foreclosure crisis, and the subsequent recovery. Here, we look into the dynamics underlying ...
Liberty Street Economics , Paper 20200708a

Discussion Paper
Just Released: Recent Developments in Consumer Credit Card Borrowing
Van der Klaauw, Wilbert; Lee, Donghoon; Scally, Joelle; Haughwout, Andrew F.; Campbell, Graham (2016-08-09)
The Federal Reserve Bank of New York’s Center for Microeconomic Data today released its Quarterly Report on Household Debt and Credit for the second quarter of 2016. It showed that overall household debt increased modestly over the period, with subdued mortgage originations and moderate but continued increases in non-housing related credit—particularly auto loans and credit cards. The total outstanding credit card balance now stands at $729 billion, up $17 billion from the first quarter, but still well below the peak of $866 billion reached in the fourth quarter of 2008. Credit card ...
Liberty Street Economics , Paper 20160809a

Discussion Paper
What’s Next for Forborne Borrowers?
Lee, Donghoon; Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert (2021-05-19)
We’ve spent the first three posts of this series discussing who has entered mortgage forbearance, and how their personal finances have developed during the course of the pandemic. In this fourth and final post, we will use Consumer Credit Panel (CCP) data to examine the profiles of those who remain in forbearance and those who have exited, and how the performance of household credit may evolve as the force of the pandemic begins to ebb and the economy reopens and normalizes.
Liberty Street Economics , Paper 20210519d

Working Paper
Mortgage Choice in the Housing Boom: Impacts of House Price Appreciation and Borrower Type
Furlong, Frederick T.; Takhtamanova, Yelena; Lang, David (2014-01)
The U.S. housing boom during the first part of the past decade was marked by rapid house price appreciation and greater access to mortgage credit for lower credit-rated borrowers. The subsequent collapse of the housing market and the high default rates on residential mortgages raise the issue of whether the pace of house price appreciation and the mix of borrowers may have affected the influence of fundamentals in housing and mortgage markets. This paper examines that issue in connection with one aspect of mortgage financing, the choice among fixed-rate and adjustable-rate mortgages. This ...
Working Paper Series , Paper 2014-5

Working Paper
How Do Mortgage Rate Resets Affect Consumer Spending and Debt Repayment? Evidence from Canadian Consumers
Kartashova, Katya; Zhou, Xiaoqing (2022-05-06)
One of the most important channels through which monetary policy affects the real economy is changes in mortgage rates. This paper studies the effects of mortgage rate changes resulting from monetary policy shifts on homeowners’ spending, debt repayment and defaults. The Canadian institutional setting facilitates the design of identification strategies for causal inference, since the vast majority of mortgages in the country experience predetermined, periodic and automatic contract renewals with the mortgage rate reset based on the prevailing market rate. This allows us to exploit ...
Working Papers , Paper 2206

Working Paper
Division of Financial Responsibility among Mixed-Gender Couples
Hitczenko, Marcin (2021-02-03)
This paper uses individuals' self-assessments of their contribution to four household activities to study how mixed-gender couples divide household responsibility. Household responsibility dynamics are characterized according to a three-point ordinal variable, whose distribution is linked to a variety of household demographics via a proportional odds model fit using survey data from both members of 327 couples. The data reveal that household tendencies depend on household demographics, albeit differently across the four activities. For household shopping, gender is the primary determinant of ...
FRB Atlanta Working Paper , Paper 2021-8

Working Paper
Mortgage Choice: Interactive Effects of House Price Appreciation and Mortgage Pricing Components
Furlong, Frederick T.; Takhtamanova, Yelena; Lang, David (2019-03-01)
Research has shown evidence of a link between house price appreciation and the selection of mortgage financing options: Higher appreciation is associated with higher take-up rates for adjustable-rate mortgages relative to fixed-rate mortgages. Research also finds that mortgage interest rates and their underlying components are important determinants of take-up rates among mortgage financing options. In this paper we show that house price appreciation can have important interactive effects with those other determinants of mortgage financing outcomes. We focus on the period from 2000 to 2007, ...
Working Paper Series , Paper 2016-28

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