Understanding Mortgage Markets

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The recent rise in foreclosures suggests that some borrowers are taking on debt that they have little or no capacity to repay, selecting products that are not suitable for their needs, or signing up for mortgages that they don't understand. Two reports by Harvard University researchers contend that these are just some of the inevitable consequences of an increasingly complex mortgage market and a regulatory system that has failed to adapt to the dramatic changes that have transformed the mortgage lending landscape in recent years. Funded by a Ford Foundation grant to the Joint Center for Housing Studies of Harvard University, this new research examines the behavior of mortgage market participants and the emergence of new mortgage delivery channels linked to the rapid growth of higher-risk subprime mortgages.

MM07-1: Understanding Mortgage Market Behavior: Creating Good Mortgage Options for all Americans Ren S. Essene and William Apgar

MM07-2: Mortgage Market Channels and Fair Lending: An Analysis of HMDA Data William Apgar, Amal Bendimerad and Ren S. Essene