Peer-to-peer crowdfunding: Information and the potential for disruption in consumer lending
A Morse - Annual Review of Financial Economics, 2015 - annualreviews.org
Can peer-to-peer lending (P2P) disintermediate and mitigate information frictions in lending
so that choices and outcomes for at least some borrowers and investors are improved? I …
so that choices and outcomes for at least some borrowers and investors are improved? I …
Interest rate pass-through: Mortgage rates, household consumption, and voluntary deleveraging
Exploiting variation in the timing of resets of adjustable-rate mortgages (ARMs), we find that
a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in …
a sizable decline in mortgage payments (up to 50 percent) induces a significant increase in …
Government and private household debt relief during COVID-19
We follow a representative panel of US borrowers to study the suspension of household
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …
debt payments (debt forbearance) during the COVID-19 pandemic. Between March and …
Refinancing, monetary policy, and the credit cycle
We assess the complicated reality of monetary policy transmission through mortgage
markets by synthesizing the existing literature on the role of refinancing in policy …
markets by synthesizing the existing literature on the role of refinancing in policy …
The real effects of disrupted credit: Evidence from the global financial crisis
BS Bernanke - Brookings Papers on Economic Activity, 2018 - muse.jhu.edu
Economists both failed to predict the global financial crisis and underestimated its
consequences for the broader economy. Focusing on the second of these failures, this …
consequences for the broader economy. Focusing on the second of these failures, this …
Liquidity versus wealth in household debt obligations: Evidence from housing policy in the great recession
We exploit variation in mortgage modifications to disentangle the impact of reducing long-
term obligations with no change in short-term payments (“wealth”), and reducing short-term …
term obligations with no change in short-term payments (“wealth”), and reducing short-term …
Mortgage Lock‐In, Mobility, and Labor Reallocation
We study the impact of rising mortgage rates on mobility and labor reallocation. Using
individual‐level credit record data and variation in the timing of mortgage origination, we …
individual‐level credit record data and variation in the timing of mortgage origination, we …
Failure to refinance
Households that fail to refinance their mortgage when interest rates decline lose out on
substantial savings. Using a random sample of outstanding US mortgages in December …
substantial savings. Using a random sample of outstanding US mortgages in December …
Loan originations and defaults in the mortgage crisis: The role of the middle class
This paper highlights the importance of middle-class and high-FICO borrowers for the
mortgage crisis. Contrary to popular belief, which focuses on subprime and poor borrowers …
mortgage crisis. Contrary to popular belief, which focuses on subprime and poor borrowers …
Policy intervention in debt renegotiation: Evidence from the home affordable modification program
We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that
provided intermediaries with sizable financial incentives to renegotiate mortgages. HAMP …
provided intermediaries with sizable financial incentives to renegotiate mortgages. HAMP …