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Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinancing Program

Sumit Agarwal, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski, Amit Seru, Vincent Yao

NBER Working Paper No. 21512
Issued in August 2015, Revised in October 2017

---- Acknowledgments ----

The paper does not necessarily reflect views of the FRB of Chicago, the Federal Reserve System, the Office of the Comptroller of the Currency, the U.S. Department of the Treasury, or the National Bureau of Economic Research. Acknowledgements: The authors would like to thank Charles Calomiris, Joao Cocco, John Campbell, Erik Hurst, Tullio Jappelli, Ben Keys, Arvind Krishnamurthy, David Matsa, Chris Mayer, Emi Nakamura, Stijn Van Nieuwerburgh, Tano Santos, Johannes Stroebel, Amir Sufi, Adi Sunderam, Tarun Ramadorai, and seminar participants at Columbia, Northwestern, Stanford, UC Berkeley, NYU, UT Austin, NY Fed, Chicago Fed, Federal Reserve Board, George Washington University, Emory, Notre Dame, US Treasury, Deutsche Bundesbank, Bank of England, Financial Conduct Authority, NBER Summer Institute, NBER Public Economics meeting, Stanford Institute for Theoretical Economics, University of Chicago Becker Friedman Institute, CEPR Gerzensee Summer Symposium, CEPR Houshold Finance meeting, and Barcelona GSE symposium for helpful comments and suggestions. Monica Clodius and Zach Wade provided outstanding research assistance. Piskorski acknowledges funding from the Paul Milstein Center for Real Estate at Columbia Business School and the National Science Foundation (Grant 1628895). Seru acknowledges funding from the IGM at the University of Chicago and the National Science Foundation (Grant 1628895).

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