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Evaluating the Benefits of a Streamlined Refinance Program

Kristopher Gerardi (), Lara Loewenstein and Paul S. Willen

No 202021, Working Papers from Federal Reserve Bank of Cleveland

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 (“refi”) 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.

Keywords: government-sponsored enterprises; refinancing; business cycles (search for similar items in EconPapers)
JEL-codes: R30 R38 (search for similar items in EconPapers)
Pages: 24
Date: 2020-07-08
New Economics Papers: this item is included in nep-ure
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Working Paper: Evaluating the Benefits of a Streamlined Refinance Program (2020) Downloads
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DOI: 10.26509/frbc-wp-202021

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