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Journal Article
Mortgage Data Help Paint Foreclosure Picture
Community Development, Federal Reserve Bank of Dallas (2008)
As foreclosure and delinquency rates escalate, community organizations, counseling agencies and policymakers need good-quality data to understand foreclosure patterns and mitigate foreclosure losses to individuals and communities. To that end, the Federal Reserve System has aggregated mortgage performance data, created dynamic maps and made them available to the public
e-Perspectives , Volume 8 , Issue 1

Working Paper
Relieving Financial Distress Increases Voter Turnout: Evidence from the Mortgage Market
Liu, Haoyang; McCartney, W. Ben; Ramcharan, Rodney; Zhang, Calvin; Zhang, Xiaohan (2025-05-12)
Borrowers who refinanced mortgages between 2009 and 2012, a period marked by mortgage distress and dislocated housing markets, but also falling interest rates, were more likely to vote in the 2012 general election than similar borrowers who did not refinance. We exploit an eligibility cutoff in the Home Affordable Refinance Program (HARP) to identify a causal relationship. Consistent with the resource model of voting, the effect of refinancing on turnout is strongest among borrowers with lower incomes and larger debt service reductions. Our findings shed new light on an important channel ...
Working Papers , Paper 2517

Working Paper
Can We Take the “Stress” Out of Stress Testing? Applications of Generalized Structural Equation Modeling to Consumer Finance
Canals-Cerda, Jose J. (2021-01-29)
Financial firms, and banks in particular, rely heavily on complex suites of interrelated statistical models in their risk management and business reporting infrastructures. Statistical model infrastructures are often developed using a piecemeal approach to model building, in which different components are developed and validated separately. This type of modeling framework has significant limitations at each stage of the model management life cycle, from development and documentation to validation, production, and redevelopment. We propose an empirical framework, spurred by recent developments ...
Working Papers , Paper 21-01

Discussion Paper
Flood Risk Outside Flood Zones — A Look at Mortgage Lending in Risky Areas
Blickle, Kristian S.; Perry, Evan; Santos, João A. C. (2024-09-25)
In support of the National Flood Insurance Program (NFIP), the Federal Emergency Management Agency (FEMA) creates flood maps that indicate areas with high flood risk, where mortgage applicants must buy flood insurance. The effects of flood insurance mandates were discussed in detail in a prior blog series. In 2021 alone, more than $200 billion worth of mortgages were originated in areas covered by a flood map. However, these maps are discrete, whereas the underlying flood risk may be continuous, and they are sometimes outdated. As a result, official flood maps may not fully capture the true ...
Liberty Street Economics , Paper 20240925

Newsletter
Interest-Only Mortgages and Speculation in Hot Housing Markets
Fisher, Jonas D. M.; Barlevy, Gadi (2020-04)
Even as housing markets have temporarily shut down across the U.S. during the Covid-19 pandemic, housing remains a key sector that contributes disproportionately to fluctuations in overall economic activity and that will likely play an important role as the economy reopens. Interest in this market among research economists and policymakers intensified after the exceptional boom and bust in housing between 2003 and 2008. In this Chicago Fed Letter, we describe research in Barlevy and Fisher (2020)1 that examined patterns in the kinds of mortgages homebuyers took out in different cities during ...
Chicago Fed Letter , Issue 439 , Pages 6

Housing Distress in the Time of COVID-19
Ricketts, Lowell R. (2020-08-03)
As of late July, 12.5% of Americans were experiencing housing distress. Which groups are experiencing the most housing distress?
On the Economy

Discussion Paper
Negative Equity in the Sixth Federal Reserve District
Raymond, Elora (2016-03-01)
Using Zillow’s zip code level Negative Equity Report for the second quarter of 2014 and 2015, I map, describe, and analyze the characteristics of neighborhoods that have persistent negative equity in the Sixth Federal Reserve District, comprised of Alabama, Florida, and Georgia, and parts of Louisiana, Mississippi, and Tennessee. Persistent negative equity, when a house is worth less than outstanding mortgage debt, is high in the Sixth District and concentrated in urban areas. In a series of regressions, I evaluate the correlation of income, commute times, unemployment, housing stock ...
FRB Atlanta Community and Economic Development Discussion Paper , Paper 2016-01

Working Paper
Villains or Scapegoats? The Role of Subprime Borrowers in Driving the U.S. Housing Boom
Gerardi, Kristopher S.; Frame, W. Scott; Conklin, James; Liu, Haoyang (2018-08-01)
An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002?06 U.S. house price boom. Contrary to this belief, we show that the house price and subprime booms occurred in different places. Counties with the largest home price appreciation between 2002 and 2006 had the largest declines in the share of purchase mortgages to subprime borrowers. We also document that the expansion in speculative mortgage products and underwriting fraud was not concentrated among subprime borrowers.
FRB Atlanta Working Paper , Paper 2018-10

Journal Article
Texas Housing and Mortgage Update
Di, Wenhua (2011)
Texas and other areas in the Eleventh District did not experience a drastic home appreciation or expansion of exotic mortgages in the lead-up to the recent recession; therefore, the region did not get into a mortgage crisis as severe as in some other parts of the nation (Figure 1). However, the region has not been immune to the consequences of the financial system turmoil and the economic slowdown.
e-Perspectives , Volume 11 , Issue 2

Journal Article
Helping Struggling Homeowners During Two Crises
Elul, Ronel; Newton, Natalie (2021-12-02)
What the Great Recession Can Teach Us About Mortgage Troubles in the Wake of COVID-19
Economic Insights , Volume 6 , Issue 4 , Pages 2-8

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