Mortgage Markets

Research in Focus — Mortgage lending surged in the pandemic's first year. But lower interest rates weren’t fully passed through to consumers, and access to credit diminished for the riskiest borrowers.

Mortgage Markets

Report

Examining Resolution of Mortgage Forbearances and Delinquencies – August 2021

the RADAR Group

September 03, 2021

The Risk Assessment, Data Analysis, and Research (RADAR) Group has created a monthly report examining mortgage forbearances and delinquencies.

Banking

Speech

Community Banks and Digital Innovation

Patrick T. Harker

June 28, 2021

Federal Reserve Innovation Office Hours | Virtual Event

Mortgage Markets

Discussion Paper

Racial Differences in Mortgage Refinancing, Distress, and Housing Wealth Accumulation During COVID-19

Kristopher Gerardi
Lauren Lambie-Hanson
Paul Willen

June 2021

DP 21-02 - The COVID-19 pandemic exacerbated racial disparities in U.S. mortgage markets.

Consumer Credit

Article

When Regulatory Oversight Tightens, Do Mortgages Become Scarcer for Riskier Borrowers?

Research in Focus — Andreas Fuster, Matthew Plosser, and the Philadelphia Fed's James Vickery ask if regulatory oversight by the Consumer Financial Protection Bureau affects mortgage credit supply.

Mortgage Markets

Working Paper

How Resilient Is Mortgage Credit Supply? Evidence from the COVID-19 Pandemic

James Vickery
Andreas Fuster
Aurel Hizmo
Lauren Lambie-Hanson
Paul Willen

May 2021

WP 21-20 – We study the evolution of U.S. mortgage credit supply during the COVID-19 pandemic.

Consumer Finance

Working Paper

Household Mortgage Refinancing Decisions Are Neighbor Influenced

W. Ben McCartney
Avni M. Shah

April 2021

WP 21-16 – Can social influence effects help explain regional heterogeneity in refinancing activity?

Mortgage Markets

Working Paper

Owner-Occupancy Fraud and Mortgage Performance

Ronel Elul
Aaron Payne
Sebastian Tilson

April 2021

WP 19-53/R – We identify occupancy fraud — borrowers who misrepresented their occupancy status as owner-occupants rather than investors — in residential mortgage originations during the housing bubble.

Mortgage Markets

Working Paper

“Sort Selling”: Political Polarization and Residential Choice

W. Ben McCartney
John Orellana
Calvin Zhang

March 2021

WP 21-14 – Partisanship and political polarization are salient features of today’s society. We merge deeds records with voter rolls and show that political polarization is more than just “political cheerleading.”

Mortgage Markets

Working Paper

The Behavioral Relationship Between Mortgage Prepayment and Default

Arden Hall
Raman Quinn Maingi

March 2021

WP 21-12 – An implication of the dual trigger theory of default is that mortgage borrowers who experience an unexpected financial reverse will prepay their mortgage rather than default if their equity in the house is positive. We test this idea with a new data set created by matching mortgage servicing records and credit bureau records to classify prepayments by what happens subsequently.

Monetary Policy

Article

The Graying of Household Debt in the U.S.

Wenli Li

Q1 2021

Economic Insights — Thanks to an aging population, continuously falling interest rates, and the Great Recession, more debt is held by older Americans today than ever before.

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