NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Holdup by Junior Claimholders: Evidence from the Mortgage Market

Sumit Agarwal, Gene Amromin, Itzhak Ben-David, Souphala Chomsisengphet, Yan Zhang

NBER Working Paper No. 20015
Issued in March 2014, Revised in November 2017

---- Acknowledgements ----

Previously circulated as "Second Liens and the Holdup Problem in Mortgage Renegotiation." The authors would like to thank Fredrik Andersson, Gadi Barlevy, Ted Durant, Ronel Elul, Karen Furst, Dennis Glennon, Bruce Krueger, Mark Levonian, Amit Seru, and seminar participants at the OCC, FIRS, and AREUEA (Chicago) 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, the Federal Reserve System, the Federal Reserve Bank of Chicago, or the Office of the Comptroller of the Currency.

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