抵押贷款再融资、消费支出与竞争：来自住房可负担再融资计划的证据
Mortgage Refinancing, Consumer Spending, and Competition: Evidence from the Home Affordable Refinance Program
Review of Economic Studies · 2022 · Sumit Agarwal、Gene Amromin、Souphala Chomsisengphet、Tim Landvoigt、Tomasz Piskorski、Amit Seru
中文摘要
我们聚焦于住房可负担再融资计划（HARP），考察政府影响抵押贷款再融资活动并刺激消费的能力。该计划通过将政府信用担保扩展至抵押品不足的再融资抵押贷款，放松了住房权益约束。基于计划资格标准的双重差分检验显示，HARP显著增加了再融资活动。超过300万名主要持有固定利率抵押贷款的合格借款人通过HARP进行了再融资，利率平均降低了1.45个百分点（每年节省3,000美元）。借款人的耐用品支出在再融资后显著增加。受该计划影响较大的地区，非耐用品和耐用品消费支出相对增加，止赎率下降，房价复苏更快。再融资市场中的竞争摩擦削弱了该计划的影响：参与率和已再融资者的年储蓄额降低了10%至20%，对负债最重的借款人这一影响被进一步放大。
Abstract
Abstract We examine the ability of the government to impact mortgage refinancing activity and spur consumption by focusing on the Home Affordable Refinance Program (HARP) that relaxed housing equity constraints by extending government credit guarantee on insufficiently collateralized refinanced mortgages. Difference-in-difference tests based on program eligibility criteria reveal a significant increase in refinancing activity by HARP. More than three million eligible borrowers with primarily fixed-rate mortgages refinanced under HARP, receiving an average reduction of 1.45$\%$ in interest rate ($3,000 in annual savings). Durable spending by borrowers increased significantly after refinancing. Regions more exposed to the program saw a relative increase in non-durable and durable consumer spending, a decline in foreclosure rates, and faster recovery in house prices. Competitive frictions in the refinancing market hampered the program’s impact: the take-up rate and annual savings among those who refinanced were reduced by 10–20$\%$, with amplified effects for the most indebted borrowers.