Accounting for Mortgage Charge-offs in the Financial Accounts of the United States

Posted: 16 Dec 2014

See all articles by James E. Kennedy

James E. Kennedy

Board of Governors of the Federal Reserve System

Maria G. Perozek

Board of Governors of the Federal Reserve System

Paul A. Smith

Board of Governors of the Federal Reserve System

Date Written: October 31, 2014

Abstract

The level of outstanding home mortgage debt in the United States has declined about $1.5 trillion, or 13 percent, since its peak six years ago. This large drop in mortgage debt has been the primary driver of the reduction in household liabilities often referred to as "household deleveraging" and frequently measured by statistics such as aggregate household debt relative to income.

Suggested Citation

Kennedy, James E. and Perozek, Maria G. and Smith, Paul A., Accounting for Mortgage Charge-offs in the Financial Accounts of the United States (October 31, 2014). FEDS Notes No. 2014-10-31-1 https://doi.org/10.17016/2380-7172.0032, Available at SSRN: https://ssrn.com/abstract=3750083

James E. Kennedy (Contact Author)

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
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202-452-2449 (Phone)
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Maria G. Perozek

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States
202-452-2692 (Phone)
202-728-5889 (Fax)

Paul A. Smith

Board of Governors of the Federal Reserve System ( email )

20th Street and Constitution Avenue NW
Washington, DC 20551
United States

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