Payment Size, Negative Equity, and Mortgage Default
---- Acknowledgements ----
We are grateful to Ronel Elul, Andy Haughwout, Andrew Leventis, Brian Melzer, Anthony Murphy, Joe Tracy, and seminar audiences at MIT Sloan, Freddie Mac, FRB Philadelphia, FRB New York, the NBER Summer Institute, and the AREUEA National Conference for helpful comments and discussions. The views expressed in this paper are solely those of the authors and not necessarily those of the Federal Reserve Banks of Boston or New York, or the Federal Reserve System. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.