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SSRN Electronic Journal, 2008 The fraction of newly-originated mortgages that are of the adjustable-rate (ARM) versus the fixed-rate (FRM) type exhibits a surprising amount of time variation. A simple utility framework of mortgage choice points to the bond risk premium as theoretical determinant: when the bond risk premium is high, FRM payments are high, making ARMs more attractive.
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[1993] The 2nd Israel Symposium on Theory and Computing Systems, 2002
Mortgage refinancing is a complex real-life problem involving a sequence of decisions, each of which requires a trade-off between the transaction cost associated with refinancing and the benefit of obtaining a lower interest rate. The authors present a simplified mathematical model of this problem.
Ran El-Yaniv, Richard M. Karp
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Mortgage refinancing is a complex real-life problem involving a sequence of decisions, each of which requires a trade-off between the transaction cost associated with refinancing and the benefit of obtaining a lower interest rate. The authors present a simplified mathematical model of this problem.
Ran El-Yaniv, Richard M. Karp
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Journal of Financial Economics, 2014
Most home mortgages in the U.S. are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS duration function as large-scale shocks to the quantity of interest rate risk that must be ...
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Most home mortgages in the U.S. are fixed-rate loans with an embedded prepayment option. When long-term rates decline, the effective duration of mortgage-backed securities (MBS) falls due to heightened refinancing expectations. I show that these changes in MBS duration function as large-scale shocks to the quantity of interest rate risk that must be ...
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The Journal of Finance, 1961
I AM IMPELLED, after a review of 1960 forecasting records, to warn you that any similarity between what is said here today and what actually develops in 1961 may be purely coincidental. Indeed, about 1960 business forecasts, it may well be said that seldom have so few misled so many by so much. And last year's panel on the outlook for money and capital
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I AM IMPELLED, after a review of 1960 forecasting records, to warn you that any similarity between what is said here today and what actually develops in 1961 may be purely coincidental. Indeed, about 1960 business forecasts, it may well be said that seldom have so few misled so many by so much. And last year's panel on the outlook for money and capital
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Adjustable rate mortgages and the mortgage crisis
Property Management, 2009PurposeThe purpose of this paper is to closely examine adjustable rate mortgages (ARM) made in Northwest Louisiana in order to provide a greater understanding of the causes of the high rate of defaults and potential foreclosures currently being experienced in Louisiana.Design/methodology/approachThe paper examines detailed information for all ARM ...
Douglas S. Bible, Gary Joiner
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Mortgages and Mortgage Security Hedging
1988Mortgages and mortgage backed securities are vulnerable to interest rate, refinancing and other risks. Hedging these risks, or shifting them elsewhere, is accomplished either by taking an opposite position to that held. This hedging is achievable by taking opposite positions either in the mortgages or securities themselves, or in options (claims on the
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The Rule Once a Mortgage Always a Mortgage and Mortgage of Matrimonial Home in Tanzania
SSRN Electronic Journal, 2020It’s the requirement of the law that the mortgage of matrimonial home to be valid by obtaining the consent of both spouses regarding the mortgage of their matrimonial home and the law imposes conditions when a matrimonial home is subject to a mortgage.
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