Gene Amromin

TL;DR: In this article, the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis were studied. But the authors did not consider the effect of bank-held loans on the post-modification default rate.

TL;DR: In this article, the effects of securitization on renegotiation of distressed residential mortgages over the current financial crisis were studied. But, the authors did not examine the effect of bank-held loans on postmodification default rates.

TL;DR: The authors examined the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP), which relaxed housing equity constraints by extending government credit guarantee on insufficiently collateralized mortgages refinanced by intermediaries.

TL;DR: The authors evaluated the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizeable financial incentives to renegotiate mortgages and found that the program was associated with lower rate of foreclosures, consumer debt delinquencies, house price declines, and an increase in durable spending.

TL;DR: Analysis of the microdata indicates that subjective expectations of both risk and returns on stocks are strongly influenced by perceptions of economic conditions, and when investors believe macroeconomic conditions are more expansionary, they tend to expect both higher returns and lower volatility.