Using US household‐level data and plausibly exogenous variation in the location‐timing of
home purchases with a single lender, I find that negative home equity causes a 2% to 6 …

For households with homes worth less than the mortgage I test the effect of “household debt
overhang” on their labor supply decisions. I utilize a new transaction-level dataset with …

The constant volatility plain vanilla Black-Scholes model is clearly inadequate to reproduce
even plain vanilla option prices observed in the market. Efforts to build a pricing model with …

We examine the evolution of mortgage modification terms obtained by distressed subprime
borrowers during the recent housing crisis and the effect of the various types of modifications …

A Brookings Institution Press and Harvard University Joint Center for Housing Studies
publication The ups and downs in housing markets over the past two decades are without …

Following the historic decline in house prices during the recent financial crisis more than 15
million US mortgages, or approximately 1/3rd of mortgaged properties, had negative home …

This paper examines change in the redefault rate of delinquent mortgage borrowers granted
a loan modification during the 2008–2011 period, in comparison to similarly situated self …

Over the past 31 years, The Journal of Fixed Income has published articles that were
primers about the structure and risk characteristics for the growing number of complex …

From 2007 through 2011, the United States housing market suffered from a severe
imbalance in supply and demand. 1 On the supply side, there were too many homes for sale …

Abstract From 2007 through 2011, the United States housing market suffered a severe
imbalance in supply and demand due to an excessive number both of foreclosed homes …