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
  BFHValgorithm 03/01/2020 11:00:AM
  BFHValgorithm1 03/01/2020 11:01:AM
  BFHValgorithm2 03/01/2020 11:01:AM
  BFHVinputdata 03/01/2020 11:01:AM
  PublicData 04/07/2020 08:38:PM
AbelFuster_HARP_Figures.m text/x-matlab 17 KB 03/01/2020 06:00:AM
BalanceRegs.do text/x-stata-syntax 3.9 KB 03/01/2020 06:00:AM
Balances_Heterogeneity.do text/x-stata-syntax 2.1 KB 03/01/2020 06:00:AM
Compare_Refiers.do text/x-stata-syntax 5.3 KB 03/01/2020 06:00:AM
ConstructSample.do text/x-stata-syntax 12.3 KB 03/01/2020 06:00:AM

Project Description

Summary:  View help for Summary 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:  View help for Subject Terms mortgages; refinancing; monetary policy transmission; heterogeneity; HARP
JEL Classification:  View help for JEL Classification
      D14 Household Saving; Personal Finance
      E21 Macroeconomics: Consumption; Saving; Wealth
      G21 Banks; Depository Institutions; Micro Finance Institutions; Mortgages
Data Type(s):  View help for Data Type(s) program source code


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Published Versions

V1 [2021-03-18]

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