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Mortgage Market Design

  • John Y. Campbell

This paper explores the causes and consequences of cross-country variation in mortgage market structure. It draws on insights from several fields: urban economics, asset pricing, behavioral finance, financial intermediation, and macroeconomics. It discusses lessons from the credit boom, the challenges of mortgage modification in the aftermath of the boom, consumer financial protection, and alternative mortgage forms and funding models. The paper argues that the US has much to learn from mortgage finance in other countries, and specifically from the Danish implementation of the European covered bonds system.

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File URL: http://www.nber.org/papers/w18339.pdf
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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 18339.

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Date of creation: Aug 2012
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Publication status: published as John Y. Campbell, 2013. "Mortgage Market Design," Review of Finance, European Finance Association, vol. 17(1), pages 1-33.
Handle: RePEc:nbr:nberwo:18339
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