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Evaluating the Benefits of a Streamlined Refinance Program

Author

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  • Kristopher Gerardi
  • Lara Loewenstein
  • Paul S. Willen

Abstract

Mortgage borrowers who have experienced employment disruptions as a result of the COVID-19 pandemic are unable to refinance their loans to take advantage of historically low market rates. In this article, we analyze the effects of a streamlined refinance program for government-insured loans that would allow borrowers to refinance without needing to document employment or income. In addition, we consider a cash-out component that would allow borrowers to extract some of the substantial housing equity that many have accumulated in recent years.

Suggested Citation

  • Kristopher Gerardi & Lara Loewenstein & Paul S. Willen, 2021. "Evaluating the Benefits of a Streamlined Refinance Program," Housing Policy Debate, Taylor & Francis Journals, vol. 31(1), pages 51-65, January.
    • Handle: RePEc:taf:houspd:v:31:y:2021:i:1:p:51-65
    DOI: 10.1080/10511482.2020.1850014
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    Cited by:

    1. William D. Larson, 2023. "The riskiness of outstanding mortgages in the United States, 1999–2019," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 51(2), pages 279-310, March.
    2. Lara Loewenstein, 2021. "Why Wasn’t there a Nonbank Mortgage Servicer Liquidity Crisis?," Economic Commentary, Federal Reserve Bank of Cleveland, vol. 2021(15), pages 1-7, July.

    More about this item

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • G51 - Financial Economics - - Household Finance - - - Household Savings, Borrowing, Debt, and Wealth
    • R38 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location - - - Government Policy

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