Phillips, Richard A; Rosenblatt, Eric; VanderHoff, James H - In: The Journal of Real Estate Finance and Economics 13 (1996) 2, pp. 95-104
This article analyzes mortgage terminations using a national individual loan data set for the 1986-1992 period. The standard option-choice-theoretic framework is supplemented with variables to proxy for non-option-related termination determinants. Separate multinominal logit models are estimated...