Forced moves and home maintenance: The amplifying effects of mortgage payment burden on underwater homeowners
研究发现高贷款价值比本身对搬家影响不大，但高还款收入比会迫使家庭搬家，且当贷款价值比也高时效应更强；同时高还款收入比和高贷款价值比会抑制房屋维护，表明降低还款收入比的贷款修改比降低贷款价值比的政策更能帮助资不抵债家庭留在家中并避免违约。
Abstract Although well‐known that high current loan‐to‐value ratio (CLTV) is necessary for mortgage default, the amplifying effect of high payment‐to‐income ratios (PTI) that can force families to move has received limited attention. Using the 1985–2013 American Housing Survey panel, we show that high CLTV by itself has little effect on mobility, but high PTI prompts families to move and especially so when CLTV is high. Evidence also indicates that high PTI and CLTV discourage home maintenance. Our estimates suggest that loan modifications that lower PTI will likely be more effective at helping underwater families to remain in their homes and avoid mortgage default as compared to policies that lower CLTV.