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    Climate Change is Going to Transform Where and How We Build

    As fires, floods, and droughts increasingly threaten homes, businesses, and other institutions, climate risk has become financial risk. Mortgages written on homes in exposed locations are being shed by banks and absorbed by Fannie Mae and Freddie Mac,... View Details

    • 06 Feb 2009
    • News

    Keeping a keen eye on consumer behaviour

    • 01 Oct 2009
    • Working Paper Summaries

    Systemic Risk and the Refinancing Ratchet Effect

    Keywords: by Amir E. Khandani, Andrew W. Lo & Robert C. Merton; Construction; Real Estate
    • October 2008 (Revised August 2010)
    • Case

    The Christmas Eve Closing

    By: Peter Tufano
    In 2002, two homeowners in Massachusetts are deciding whether to refinance their home less than two years after taking out an initial mortgage and a subsequent home equity line of credit. View Details
    Keywords: Mortgages; Personal Finance; Consumer Behavior; Banking Industry; Massachusetts
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    • February 2009 (Revised February 2022)
    • Case

    Fannie Mae: Public or Private?

    By: David A. Moss, Cole Bolton and Kimberly Hagan
    In 1987, President Ronald Reagan established the President's Commission on Privatization to identify federal government functions that could be shifted to the private sector. One agency that the Commission considered was the Federal National Mortgage Association, or... View Details
    Keywords: Restructuring; Financial Institutions; Mortgages; Government and Politics; Business History; Privatization; Private Sector; Laws and Statutes; United States
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    • 02 Feb 2012
    • Op-Ed

    Once a Castle, Home is Now a Debtors’ Prison

    market: people offered jobs far afield stay put, reluctant (and unable) to leave their underwater homes. Since the recovery of the housing market will undergird any broader recovery, we must address these debtors' prisons. Novel Solutions... View Details
    Keywords: by Nicolas P. Retsinas; Financial Services; Construction; Real Estate

      Harvard's Retsinas Interview on U.S. Home Prices

      Jan. 25 (Bloomberg) -- Nicolas Retsinas, director emeritus of the Joint Center for Housing Studies at Harvard University, talks about the outlook for the U.S. housing market and mortgage foreclosures. U.S. home prices... View Details

      • Article

      Perceptions and the Politics of Finance: Junk Bonds and the Regulatory Seizure of First Capital Life

      By: S. C. Gilson, H. DeAngelo and L. DeAngelo
      In May 1991, one month after seizing Executive Life, California regulators seized First Capital Life (FCLIC). Both insurers were Drexel clients with large junk bond holdings, and both had experienced 'bank runs.' FCLIC's run followed regulators' televised comments that... View Details
      Keywords: Finance; Bonds; Governing Rules, Regulations, and Reforms
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        How Quantitative Easing Works: Evidence on the Refinancing Channel

        When LSAPs are needed the most, simply bending the yield curve through purchasing government debt is not effective for stimulating the mortgage market (a key sector of the economy for the transmission of monetary policy). Purchasing mortgage-backed... View Details

        • 2018
        • Working Paper

        Bank Risk-Taking and the Real Economy: Evidence from the Housing Boom and Its Aftermath

        By: Antonio Falato, Giovanni Favara and David Scharfstein
        The short-termism of lenders amplifies boom-bust credit cycles, leading in turn to real costs for the aggregate economy. During the U.S. housing credit boom, publicly-traded banks increased mortgage lending activity and relaxed standards much more than privately-held... View Details
        Keywords: Risk and Uncertainty; Financial Markets; Investment; Corporate Finance; Banks and Banking
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        • 2009
        • Working Paper

        Systemic Risk and the Refinancing Ratchet Effect

        By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
        The confluence of three trends in the U.S. residential housing market—rising home prices, declining interest rates, and near-frictionless refinancing opportunities—led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
        Keywords: Housing; Mortgages; Risk and Uncertainty; Value; Mathematical Methods; Real Estate Industry; United States
        Related
        • 2009
        • Working Paper

        Systemic Risk and the Refinancing Ratchet Effect

        By: Amir E. Khandani, Andrew W. Lo and Robert C. Merton
        The confluence of three trends in the U.S. residential housing market-rising home prices, declining interest rates, and near-frictionless refinancing opportunities-led to vastly increased systemic risk in the financial system. Individually, each of these trends is... View Details
        Keywords: Equity; Mortgages; Interest Rates; Price; Housing; Risk and Uncertainty; United States
        Related
        • December 2005 (Revised March 2010)
        • Case

        William Levitt, Levittown and the Creation of American Suburbia

        By: Nitin Nohria, Anthony Mayo and Mark Benson
        Demand for low-cost housing after World War II far exceeded supply. Was this a profitable new market? New York developer William Levitt had to decide. During World War II, Levitt was eager to build basic housing for the working class—otherwise, Levitt & Sons would have... View Details
        Keywords: Demographics; Construction; Business History; Housing; Leadership; Growth and Development Strategy; Product Development; Business and Government Relations; Construction Industry; Real Estate Industry; United States; New York (state, US)
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          How to Make Climate Risk Good Business

          The risk profiles of many real estate markets are rapidly increasing globally. Insurers and mortgage brokers are taking note and adjusting their offering based on widely available climate data and predictive analytics. John Macomber suggests that consumers and... View Details

            Dante Roscini

            Dante Roscini holds the Professor of Management Practice Chair endowed by the MBA Class of 1952 at Harvard Business School. He joined the faculty in 2008 after a two-decades-long career in finance. He currently teaches the course Business, Government, and the... View Details

            • August 2019 (Revised April 2021)
            • Case

            Zillow Offers: Winning Online Real Estate 2.0

            By: Luis Viceira, Marco Di Maggio and Allison Ciechanover
            Founded in 2005, Zillow had become the leading online real estate and home-related marketplace. The brand was recognized as a trusted resource for players in the real estate market, providing information and transparency on home prices. Revenue, which was historically... View Details
            Keywords: Real Estate; Corporate Culture; Intermediation; Brokerage; Startup; Evaluating Business Investments; Property; Information Technology; Business Model; Expansion; Business Startups; Real Estate Industry; Media and Broadcasting Industry; United States
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            • 28 May 2013
            • First Look

            First Look: May 28

            to corrupt behavior.   Working Papers Carry Trade, Reserve Accumulation, and Exchange-Rate Regimes By: Alfaro, Laura, and Fabio Kanczuk Abstract—Carry-trade activity and foreign participation in local-currency-bond markets in emerging... View Details
            Keywords: Sean Silverthorne
            • 2025
            • Working Paper

            Climate Risk and the U.S. Insurance Gap: Measurement, Drivers and Implications

            By: Parinitha Sastry, Tess Scharlemann, Ishita Sen and Ana-Maria Tenekedjieva
            In a world with rising risk, how much are U.S. households willing to pay for homeowners insurance, and what does their demand imply for the future of insurance markets? We provide the first estimates of household willingness to pay for homeowners insurance and the... View Details
            Keywords: Climate Change; Risk and Uncertainty; Insurance; Personal Finance; Consumer Behavior; Mortgages
            Related
            • March 2009 (Revised November 2016)
            • Case

            Washington Mutual's Covered Bonds

            By: Daniel Baird Bergstresser, Robin Greenwood and James Quinn
            Washington Mutual issued 6 billion euro of covered bonds in 2006. The objective of the case is to ask whether these bonds are mispriced in late 2008. The case is set in September 2008, and Washington Mutual is facing considerable distress due to mounting losses in its... View Details
            Keywords: Capital Markets; Financial Liquidity; Bonds; Mortgages; Price; Banking Industry; United States
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            • November 2017
            • Article

            Credit-Induced Boom and Bust

            By: Marco Di Maggio and Amir Kermani
            Can a credit expansion induce a boom and bust in house prices and real economic activity? This paper exploits the federal preemption of national banks in 2004 from local laws against predatory lending to gauge the effect of the supply of credit on the real economy.... View Details
            Keywords: Great Recession; Subprime; Credit Supply; Credit Expansion; Household Leverage; Household Debt; Preemption Rule; Mortgages; Laws and Statutes; Credit; Household; Borrowing and Debt; Economic Slowdown and Stagnation
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