Complex Mortgages

We thank Ethan Cohen-Cole, Yongheng Deng, Serdar Dinc, Craig Furfine, Stuart Gabriel, Wei Jiang, Pete Kyle, Debbie Lucas, Jaehoon Hahn, Jay Hartzell, Jeongmin Lee, Robert McDonald, Justin Murfin, Tomasz Piskorski, Wenlan Qian, Oleg Rytchkov, Amit Seru, Laura Starks, Amir Sufi, Sheridan Titman, Michelle White and seminar participants at the 2010 Financial Economics and Accounting Conference, the 2011 Korea America Finance Association International Conference, the 2011 Society of Financial Studies Cavalcade, Brigham Young University, the Federal Reserve Bank of Chicago, the Hong Kong University of Science and Technology, the Nanyang Technological University of Singapore, the National University of Singapore, the Shanghai Advanced Institute of Finance, the Singapore Management University, the University of California at Los Angeles, the University of California at San Diego, the University of Lausanne, the University of Texas at Austin, the University of Zurich, and Vanderbilt University for helpful comments and suggestions. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.