This article presents a review and synthesis of recent research on mortgage relief programs in the United States and the United Kingdom, examining both preventive and reactive measures designed to mitigate default risks and support housing market stability. It examines theoretical, empirical, and regulatory perspectives to highlight how these initiatives operate across different policy dimensions, including payment relief and affordability, foreclosure avoidance, take-up and accessibility, redefault outcomes, and broader housing-market stabilization. By integrating evidence from historical downturns and post-COVID interest rate hikes, the article identifies recurring strengths and limitations across different intervention types, regulatory tools, and policy contexts. Notably, it underscores the importance of stronger underwriting standards and broader access to long-term fixed-rate mortgages as structural features that can reduce default risk and strengthen market resilience before distress emerges. The analysis provides decision-makers with a comparative framework for evaluating mortgage relief strategies and for designing interventions that better protect vulnerable households while supporting housing-market stability.
Tapiero et al. (Tue,) studied this question.
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