Data and Code for: How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP
Principal Investigator(s): View help for Principal Investigator(s) Joshua Abel; Andreas Fuster
Version: View help for Version V1
| Name | File Type | Size | Last Modified |
|---|---|---|---|
| Replication_Files | 04/07/2020 08:37:PM | ||
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application/pdf | 123.9 KB | 03/01/2020 06:11:AM |
Project Citation:
Abel, Joshua, and Fuster, Andreas. Data and Code for: How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP. Nashville, TN: American Economic Association [publisher], 2021. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2021-03-18. https://doi.org/10.3886/E116461V1
Project Description
Summary:
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We use quasi-random access to the Home Affordable Refinance Program (HARP) to
identify the causal effect of refinancing into a lower-rate mortgage on borrower balance
sheet outcomes. Refinancing substantially reduces borrower default rates on mortgages
and other debt. Refinancing also causes borrowers to expand their use of debt instruments,
such as auto loans, home equity lines, and other consumer debts that are proxies for spending.
Borrowers that appear more constrained ex-ante grow these debts more strongly after
refinancing but also pay down credit card balances by more. These borrowers also have
lower take-up of the refinancing opportunity.
Scope of Project
Subject Terms:
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mortgages;
refinancing;
monetary policy transmission;
heterogeneity;
HARP
JEL Classification:
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D14 Household Saving; Personal Finance
E21 Macroeconomics: Consumption; Saving; Wealth
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
D14 Household Saving; Personal Finance
E21 Macroeconomics: Consumption; Saving; Wealth
G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Data Type(s):
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program source code
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