Mortgage Debt Overhang: Reduced Investment by Homeowners at Risk of Default
研究发现面临违约风险的房主因债务积压而减少住房改善和本金偿还，但不减少可保留资产支出，揭示了金融危机后抑制住房投资的重要金融摩擦。
ABSTRACT Homeowners at risk of default face a debt overhang that reduces their incentive to invest in their property: in expectation, some value created by investments in the property will go to the lender. This agency conflict affects housing investments. Homeowners at risk of default cut back substantially on home improvements and mortgage principal payments, even when they appear financially unconstrained. Meanwhile, they do not reduce spending on assets that they may retain in default, including home appliances, furniture, and vehicles. These findings highlight an important financial friction that has stifled housing investment since the Great Recession.