Reducing Foreclosures
Public Policy Discussion Paper No. 09-2by Christopher L. Foote, Kristopher S. Gerardi, Lorenz Goette, and Paul S. Willen
This paper takes a skeptical look at a leading argument about what is causing the foreclosure crisis and what should be done to stop it. We use an economic model to focus on two key decisions: the borrower’s choice to default on the mortgage and the lender’s choice on whether to renegotiate or “modify” the loan.
FRBB Public Policy Discussion Papers | Reducing Foreclosures
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