Mortgage refinancing, consumer spending, and competition : evidence from the home affordable refinancing program /
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| Author / Creator: | Agarwal, Sumit, author. |
|---|---|
| Imprint: | Cambridge, Mass. : National Bureau of Economic Research, 2015. |
| Description: | 1 online resource (56 pages) : illustrations, map. |
| Language: | English |
| Series: | NBER working paper series ; no. 21512 Kreisman working paper on housing law and policy ; no. 27 Working paper series (National Bureau of Economic Research) ; no. 21512. Kreisman working paper on housing law and policy ; no. 27. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/10463277 |
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| 100 | 1 | |a Agarwal, Sumit, |e author. |0 http://id.loc.gov/authorities/names/n2006086648 |1 http://viaf.org/viaf/65197345 | |
| 245 | 1 | 0 | |a Mortgage refinancing, consumer spending, and competition : |b evidence from the home affordable refinancing program / |c Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tomasz Piskorski, Amit Seru, Vincent Yao. |
| 264 | 1 | |a Cambridge, Mass. : |b National Bureau of Economic Research, |c 2015. | |
| 300 | |a 1 online resource (56 pages) : |b illustrations, map. | ||
| 336 | |a text |b txt |2 rdacontent |0 http://id.loc.gov/vocabulary/contentTypes/txt | ||
| 337 | |a computer |b c |2 rdamedia |0 http://id.loc.gov/vocabulary/mediaTypes/c | ||
| 338 | |a online resource |b cr |2 rdacarrier |0 http://id.loc.gov/vocabulary/carriers/cr | ||
| 490 | 1 | |a NBER working paper series ; |v no. 21512 | |
| 490 | 1 | |a Kreisman working paper on housing law and policy ; |v no. 27 | |
| 500 | |a "August 2015" | ||
| 504 | |a Includes bibliographical references (pages 32-35). | ||
| 520 | |a We examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinancing Program (HARP). The policy allowed intermediaries to refinance insufficiently collateralized mortgages by extending government credit guarantee on such loans. We use proprietary loan-level panel data from a large market participant with refinancing history and social security number matched consumer credit records of each borrower. A difference-in-difference empirical design based on eligibility requirements of the program reveals a substantial increase in refinancing activity by the program: more than three million eligible borrowers with primarily fixed-rate mortgages -- the predominant contract type in the U.S. -- refinanced their loans under HARP. Borrowers received a reduction of around 140 basis points in interest rate, on average, due to HARP refinancing, amounting to about $3,500 in annual savings per borrower. There was a significant increase in the durable spending by borrowers after refinancing, with larger increase among more indebted borrowers. Regions more exposed to the program saw a relative increase in non-durable and durable consumer spending, a decline in foreclosure rates, and faster recovery in house prices. A variety of identification strategies reveal that competitive frictions in the refinancing market may have partly hampered the program's impact. On average, these frictions reduced take-up rate among eligible borrowers by 10%-20% and cut interest rate savings by 16-33 basis points, with larger effects among the most indebted borrowers who were the key target of the program. These findings have implications for future policy interventions, pass-through of monetary policy through household balance sheets, and design of the mortgage market. | ||
| 588 | |a Description based on online resource; title from http://www.nber.org/papers/21512 viewed September 22, 2015. | ||
| 650 | 0 | |a Mortgage loans |x Refinancing |z United States |x Econometric models. | |
| 650 | 7 | |a Mortgage loans |x Refinancing |x Econometric models. |2 fast |0 (OCoLC)fst01026618 | |
| 651 | 7 | |a United States. |2 fast |0 (OCoLC)fst01204155 | |
| 700 | 1 | |a Amromin, Gene, |e author. |0 http://id.loc.gov/authorities/names/n2005007885 |1 http://viaf.org/viaf/40535927 | |
| 700 | 1 | |a Chomsisengphet, Souphala, |e author. |0 http://id.loc.gov/authorities/names/n2005005449 |1 http://viaf.org/viaf/24001934 | |
| 700 | 1 | |a Piskorski, Tomasz, |e author. |0 http://id.loc.gov/authorities/names/nr2001051018 |1 http://viaf.org/viaf/163002090 | |
| 700 | 1 | |a Yao, Vincent, |e author. |1 http://viaf.org/viaf/28148816 | |
| 710 | 2 | |a Home Affordable Refinance Program (U.S.) |0 http://id.loc.gov/authorities/names/ns2011002298 |1 http://viaf.org/viaf/220783585 | |
| 710 | 2 | |a National Bureau of Economic Research, |e publisher. |0 http://id.loc.gov/authorities/names/n79139286 |1 http://viaf.org/viaf/135446122 | |
| 830 | 0 | |a Working paper series (National Bureau of Economic Research) ; |v no. 21512. | |
| 830 | 0 | |a Kreisman working paper on housing law and policy ; |v no. 27. | |
| 856 | 4 | 0 | |u http://www.nber.org/papers/w21512 |
| 856 | 4 | |3 National Bureau of Economic Research |u http://papers.nber.org/papers/21512 | |
| 856 | 4 | 0 | |3 Kreisman working papers |u http://chicagounbound.uchicago.edu/housing_law_and_policy/35/ |
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| 928 | |t Library of Congress classification |a HG2040.5.U5A43 2015 |l Online |c UC-FullText |u http://chicagounbound.uchicago.edu/housing_law_and_policy/35/ |m Kreisman working papers: |i 8640580 | ||