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Journal Article
Here Comes the Neighborhood: Breathing New Life into the Inner City, One Mortgage at a Time
Burleigh, Glenn; Evans, Clayton; Ferry, Jonathan; Witthaus, Michelle (2019-12-18)
Learn about Gateway Neighborhood Mortgage program and its strategies for increasing the purchase and renovation of homes.
Bridges

Discussion Paper
Refinance Boom Winds Down
Mangrum, Daniel; Lee, Donghoon; Scally, Joelle; Haughwout, Andrew F.; Van der Klaauw, Wilbert (2022-05-10)
Total household debt balances continued their upward climb in the first quarter of 2022 with an increase of $266 billion; this rise was primarily driven by a $250 billion increase in mortgage balances, according to the latest Quarterly Report on Household Debt and Creditfrom the New York Fed’s Center for Microeconomic Data. Mortgages, historically the largest form of household debt, now comprise 71 percent of outstanding household debt balances, up from 69 percent in the fourth quarter of 2019. Driving the increase in mortgage balances has been a high volume of new mortgage originations, ...
Liberty Street Economics , Paper 20220510

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 (2020-05-19)
An expansion in mortgage credit to subprime borrowers is widely believed to have been a principal driver of the 2002–2006 U.S. house price boom. By contrast, this paper documents a robust, negative correlation between the growth in the share of purchase mortgages to subprime borrowers and house price appreciation at the county-level during this time. Using two different instrumental variables approaches, we also establish causal evidence that house price appreciation lowered the share of purchase loans to subprime borrowers. Further analysis using micro-level credit bureau data shows that ...
Working Papers , Paper 2013

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

Report
Household leveraging and deleveraging
Justiniano, Alejandro; Tambalotti, Andrea; Primiceri, Giorgio E. (2013-03-01)
U.S. households' debt skyrocketed between 2000 and 2007, but has since been falling. This leveraging and deleveraging cycle cannot be accounted for by the liberalization and subsequent tightening of mortgage credit standards that occurred during the period. We base this conclusion on a quantitative dynamic general equilibrium model calibrated using macroeconomic aggregates and microeconomic data from the Survey of Consumer Finances. From the perspective of the model, the credit cycle is more likely due to factors that impacted house prices more directly, thus affecting the availability of ...
Staff Reports , Paper 602

Journal Article
The Missing Boomerang Buyers
Romero, Jessica Sackett (2017-01)
Does it matter whether those who lost their homes during the crisis come back to the housing market?
Econ Focus , Issue 1Q , Pages 8-12

Discussion Paper
Whither Mortgages?
Haughwout, Andrew F.; Scally, Joelle; Van der Klaauw, Wilbert; Lee, Donghoon (2016-02-22)
Our most recent Quarterly Report on Household Debt and Credit showed that although total household debt has increased somewhat since 2012, that growth has been driven almost entirely by nonhousing debt?credit cards, auto loans and student loans. The largest category of household debt?mortgages?has been essentially flat since 2012, in spite of a substantial rise in housing prices over that period. In this post, we explore the sources of the sluggish growth in mortgage debt using our New York Fed Consumer Credit Panel, which is based on Equifax credit data.
Liberty Street Economics , Paper 20160222

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

Report
How do mortgage refinances affect debt, default, and spending? Evidence from HARP
Fuster, Andreas; Abel, Joshua (2018-02-01)
We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing a mortgage on borrower balance sheet outcomes. We find that on average, refinancing into a lower-rate mortgage reduced borrowers' default rates on mortgages and nonmortgage debts by about 40 percent and 25 percent, respectively. Refinancing also caused borrowers to expand their use of debt instruments, such as auto loans, home equity lines of credit (HELOCs), and other consumer debts that are proxies for spending. All told, refinancing led to a net increase in debt equal to ...
Staff Reports , Paper 841

Journal Article
Introduction to Special Issue: The Appropriate Role of Government in U.S. Mortgage Markets
Tracy, Joseph; Frame, W. Scott (2018-24-03)
The U.S. mortgage finance system was one of the focal points of the 2007-08 financial crisis, yet legislative decisions about the appropriate role of the federal government in the system remain unsettled. Policy deliberations have focused on Fannie Mae and Freddie Mac?the two enormous government-sponsored enterprises that were placed into federal conservatorship in September 2008. The two GSEs have long been the centerpieces of a mortgage finance system that relies on capital market financing of U.S. residential mortgages. This volume contains eight articles that touch on several key ...
Economic Policy Review , Issue 24-3 , Pages 1-10

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