The key thing about this analysis is the increasing importance of the secondary mortgage market - which in the US is now several times larger than the market for government debt. The UK secondary mortgage market is also growing and the book will provide a timely resource to those active and interested in this important financial market.

The 1990s saw an enormous growth of mortgage market analysis as an academic subject and there is a vast literature scattered among the key real estate journals. There is now a great need to not only bring this very complex subject area together, but also to abstract the main issues and to render them intelligible. The book will provide an organized research resource and also inform and motivate further research into the microeconomics of mortgage markets. 274 pp.

Economics of the Mortgage Market - Table of Contents:

• An Introduction to Mortgage Market Economics
• The Demand for Mortgage Finance: Theory
• The Demand for Mortgage Finance: Empirical Evidence
• The 'Tilt', Mortgage Designs and the Amortization of Debt
• Rationing, Mortgage Market Adjustment and Separating Equilibrium
• Credit Rationing, Mortgage Market Adjustment and Separating Equilibrium: Empirical Evidence
• The Households Choice of Mortgage Design: Theory
• The Households Choice of Mortgage design: Empirical Evidence
• The Risky Mortgage Contract and Embedded Options: Mortgage Valuation and Household Behavior
• Prepayment and Default Behavior: Empirical Evidence
• Conclusion: The 'Field' of Mortgage Market Economics