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

Using loan-level mortgage data merged with consumer credit records, we examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP). The policy relaxed housing equity constraints by extending government

使用合并了消费者信用记录的贷款层面抵押贷款数据，我们通过聚焦住房可负担再融资计划（Home Affordable Refinance Program，HARP），考察政府影响抵押贷款再融资活动并刺激消费的能力。该政策通过扩展政府放松了住房权益约束。