An Evaluation of Large-Scale Mortgage Refinancing Programs: Working Paper 2011-04

Deborah Lucas, Damien Moore and Mitchell Remy

No 42752, Working Papers from Congressional Budget Office

Abstract: We analyze a stylized large-scale mortgage refinancing program that would relax current income and loan-to-value restrictions for borrowers who wish to refinance and whose mortgages are currently insured by Fannie Mae, Freddie Mac, or the Federal Housing Administration. The analysis relies on an estimate of the volume of incremental refinancing that would occur and an estimate of how future default and prepayment behavior would be affected by such refinancing. Relative to the status quo, the specific program analyzed here is estimated to cause an additional 2.9 million

Date: 2011-09-01
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