Policy Intervention in Debt Renegotiation: Evidence from the Home Affordable Modification Program
研究了2009年住房可负担调整计划（HAMP）通过向中介机构提供财务激励来重组抵押贷款的效果，发现该计划增加了重组强度并防止了大量止赎，但仅覆盖了目标家庭的三分之一，主要因少数大型中介机构重组强度低。
We evaluate the effects of the 2009 Home Affordable Modification Program (HAMP) that provided intermediaries with sizable financial incentives to renegotiate mortgages. HAMP increased intensity of renegotiations and prevented a substantial number of foreclosures but reached just one-third of its targeted indebted households. This shortfall was in large part due to low renegotiation intensity of a few large intermediaries and was driven by intermediary-specific factors. Exploiting regional variation in the intensity of program implementation by intermediaries suggests that the program was associated with a lower rate of foreclosures, consumer debt delinquencies, house price declines, and an increase in durable spending.