Housing costs are the largest expense for most households and are therefore a significant portion of consumption nationally. Likewise, mortgages account for not just the lion’s share of household debt but also a substantial portion of credit markets. Surprisingly, however, the mechanisms by which mortgage and housing market disturbances ripple through the economy are not well understood. The University of Chicago is home to a strong and growing group of experts in this area. The MFR is supporting their work and fostering a collaborative community of researchers at Chicago Booth, Northwestern University, and the Federal Reserve Bank of Chicago.