Relieving Financial Distress Increases Voter Turnout: Evidence from the Mortgage Market

Borrowers who refinanced mortgages between 2009 and 2012, a period marked by mortgage distress and dislocated housing markets, but also falling interest rates, were more likely to vote in the 2012 general election than similar borrowers who did not refinance. This paper exploits an eligibility cutoff in the Home Affordable Refinance Program (HARP) to identify a causal relationship.