Homeownership for the Long Run: An Analysis of Homeowner Subsidies

This paper examines the impact of interest-rate and down-payment subsidies on default rates and losses given default, and finds that down-payment subsidies create successful homeowners at a lower cost than interest-rate subsidies.

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Bibliographic Details
Published in:Policy File 2010
Main Author: Ergungor, Ozgur Emre
Format: Report
Language:English
Subjects:
Banking/Finance
Federal Reserve Bank of Cleveland
Housing
Online Access:Request full text
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Description
Summary:This paper examines the impact of interest-rate and down-payment subsidies on default rates and losses given default, and finds that down-payment subsidies create successful homeowners at a lower cost than interest-rate subsidies.