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WHBLWest Hill Branch Library (Akron, OH)
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Using house-level price indices from Weiss Analytics for more than 530,000 single-family homes in seven Washington, DC, jurisdictions, we simulate the equity position associated with three alternative fixed-rate mortgages: a 30-year FHA loan, a 20-year WHBL, and a 15-year WBHL.
For each 30-year FRM in the dataset, we also calculate a counterfactual CLTV at default for 15-year and 20-year WHBLs. The counterfactual CLTVs use the same estimated house-price path as for the 30-year loan but build in the faster paydowns for 15-year and 20-year loans.
These results highlight that widespread use of WHBLs would have substantial benefits for borrowers, lenders, and the financial system as a whole.