Why Don't Lenders Renegotiate More Home Mortgages? Redefaults, Self-Cures and Securitization
---- Acknowledgements -----
We thank John Campbell, Chris Foote, Scott Frame, Anil Kashyap, Chris Mayer, Eric Rosengren, Julio Rotemberg, and seminar audiences at Freddie Mac, Harvard Business School, University of Connecticut, LSE, the SAET meetings in Ischia, ESSET-Gerzensee, and the MIT Finance Lunch for thoughtful comments, Kyle Carlson and Suzanne Lorant for editorial help, and the Studienzentrum Gerzensee, where the authors completed this paper, for their generous hospitality. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve Banks of Atlanta or Boston or the Federal Reserve System.