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Mortgage Default and Mortgage Valuation [PDF]
Federal Reserve Bank of San Francisco, Working Paper Series, 2009 We develop an equilibrium valuation model that incorporates optimal default to show how mortgage yields and lender recovery rates on defaulted mortgages depend on initial loan-to-value (LTV) ratios. The analysis treats both the frictionless case and the case in which borrowers and lenders incur deadweight costs upon default.
John Krainer +2 more
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A Primer on the Mortgage Market and Mortgage Finance [PDF]
Review, 2008 This article is a primer on mortgage finance. It discusses the basics of the mortgage market and mortgage finance. In so doing, it provides useful information that can aid individuals in making better mortgage finance decisions. The discussion and the tools are presented within the context of mortgage finance; however, these same principles and tools ...
Daniel J. McDonald, Daniel L. Thornton
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Journal of Monetary Economics, 2011 This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate.
Hatchondo, Juan Carlos +2 more
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Mortgage Terminations, Heterogeneity and the Exercise of Mortgage Options [PDF]
Econometrica, 1999 As applied to the behavior of homeowners with mortgages, option theory predicts that mortgage prepayment or default will be exercised if the call or put option in in the money by some specific amount. Our analysis: tests the extent to which the option approach can explain default and prepayment behavior; evaluates the practical importance of modeling ...
Deng, Yongheng +2 more
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SSRN Electronic Journal, 2011 Abstract Complex mortgages became a popular borrowing instrument during the bullish housing market of the early 2000s but vanished rapidly during the subsequent downturn. These non-traditional loans, including interest-only and negative-amortization mortgages, enable households to postpone loan repayment in contrast to fully ...
Gene Amromin +3 more
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Nieruchomości@, 2021 The creation of a subintabulate guarantees the holder a greater scope of rights than in the case of a mortgage encumbering an object other than the mortgage claim. Subintabulate is an effective security because there are several ways to realize it. The primary way to realize a subintabulate is to monetize its object during court enforcement proceedings.
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The Economics of Mortgage Terminations: Implications for Mortgage Lenders and Mortgage Terms [PDF]
, 1982 The paper begins with the development of models explaining the mortgage refinancing and assumption decisions of households Having identified the economic variables influencing these decisions, we then simulate the models for different values to determine under what conditions households will refinance or assume.
Patric Hendershott +2 more
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Mortgage Innovation, Mortgage Choice, and Housing Decisions [PDF]
Review, 2008 This article has two objectives. The …rst is to examine some of the new mortgage prod- ucts that have appeared in the mortgage market in recent years. We illustrate how these products dier across important characteristics such as the downpayment requirement, re- payment structure, and amortization schedule.
Matthew S. Chambers +2 more
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Mortgage Contract Choice in Subprime Mortgage Markets [PDF]
Finance and Economics Discussion Series, 2010 The boom in the subprime mortgage market yielded many loans with high LTV ratios. From a large proprietary database on subprime mortgages, we find that choice of mortgage rate type is not linear in loan sizes. A fixed rate mortgage contract is a popular choice when loan size, measured by LTV ratio, is small.
Gregory E. Elliehausen, Min Hwang
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Give credit to the market: The decision not to prohibit 100 per cent loan-to-value mortgages
Administration, 2019 A decision not to prohibit or limit high-risk mortgage products in Ireland in 2005 reveals the extent to which three important factors – interests, institutions, ideology – impact on information processing by decision-makers, and reveals irrationality or
FitzGerald Cathal
doaj +1 more source