Research and Publications
Updates
PrintPapers, articles and data, including work by the Federal Reserve
Mortgage Performance Summaries
This series of reports, produced by the Richmond Fed's Research Department, provides state-level analyses of housing markets, and the composition and performance of mortgage markets in the Fifth District.
The views expressed in the Mortgage Performance Summaries are those of the contributors and not necessarily of the Federal Reserve Bank of Richmond or the Federal Reserve System.
Papers
Residential and Mortgage Default: The Roles of House Price Volatility, Euphoria and the Borrower's Put Option
March 2010
House price volatility; lender and borrow perception of price trends, loan and property features; and the borrower’s put option are integrated in a model of residential mortgage default.
Second Chances: Subprime Mortgage Modification and Re-default
December 2009
Mortgage modifications have become an important component of public interventions designed to reduce foreclosures. In this paper, the authors examine how the structure of a mortgage modification affects the likelihood of the modified mortgage re-defaulting over the next year.
Recourse and Residential Mortgage Default Theory and Evidence from U.S. States, FRB Richmond Working Paper
July 2009
The authors analyze the impact of lender recourse on mortgage defaults theoretically and empirically across the U.S. states. They study the effect of state laws regarding deficiency judgments in a model where lenders can use the threat of a deficiency judgment to defer default or to shorten the default process.
Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization, FRB Boston Public Policy Discussion Paper No. 09-4
July 2009
The authors document the fact that servicers have been reluctant to renegotiate mortgages since the foreclosure crisis started in 2007, having performed payment-reducing modifications on only about three percent of seriously delinquent loans. They use a theoretical model to show that redefault risk and self-cure risk make renegotiation unattractive to investors.
A Proposal to Help Distressed Homeowners: A Government Payment-Sharing Plan, FRB Boston Public Policy Brief No. 09-01
July 2009
This public policy brief presents a proposal designed to help homeowners who are unable to afford mortgage payments on their principal residence because they have suffered a significant income disruption and because the balance owed on their mortgage exceeds the value of their home.
The Impacts of Foreclosures on Families and Communities: A Primer
May 2009
The authors scan available research and other sources to assess how much we know about the way foreclosures impact families and communities and offer suggestions on what the findings have to say about the need for additional research and about how to address the crisis at the local level.
Seismic Effects of the Bankruptcy Reform
November 2008
The authors analyze changes to bankruptcy law in 2005 and argue that it shifted risk from credit card lenders to mortgage lenders and that this contributed to the increase in subprime foreclosures.
Lending on Low- and Moderate-Income Neighborhoods in California: The Performance of CRA Lending During the Subprime Meltdown
November 2008
The authors analyze the performance of loans originated in California by CRA-regulated and non-CRA-regulated financial institutions. They find that loans by CRA-regulated institutions performed better than those made by independent mortgage companies, controlling for a wide range of borrower, loan and lender characteristics.
Community Stabilization Strategies-Where Main Street Meets Wall Street and Pennsylvania Avenue
October 17, 2008
Presentation by Joe Schilling of the Metropolitan Institute at Virginia Tech and the National Vacant Properties Campaign.
Synopses of Selected Research on Housing, Mortgages, and Foreclosures
September 1, 2008
The contributions in this document are synopses of key findings from research and Federal Reserve System policy analysis on selected topics relating to housing, mortgage loan performance, and foreclosures.
A Snapshot of Mortgage Conditions with an Emphasis on Subprime Mortgage Performance
August 27, 2008
This document provides facts and figures that pertain to the recent increase in mortgage foreclosures.
"Armed Against ARMS"
Fall 2007
Educating low-income borrowers may be an effective — if oft-overlooked — way to minimize mortgage losses
Podcasts
Foreclosure Response Podcasts
Federal Reserve Bank of Atlanta
Additional Resources
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