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Integration of Mortgage and Capital Markets and the Accumulation of Residential Capital
Hendershott, Patric H. - 1989
conventional commitment mortgage coupon rates in terms of current and lagged values of this perfect-market coupon rate. Finally, we …
Persistent link: https://www.econbiz.de/10012476209
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CMBS Subordination, Ratings Inflation, and the Crisis of 2007-2009
Stanton, Richard - 2010
This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … mortgage market) the loans underlying CMBS did not significantly change their characteristics during this period, commercial …
Persistent link: https://www.econbiz.de/10012462449
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Complex Mortgages
Amromin, Gene - 2011
credit scores, in contrast to the low income population targeted by subprime mortgages. Complex mortgage borrowers have … significantly higher delinquency rates than traditional mortgage borrowers even after controlling for leverage, payment resets, and …
Persistent link: https://www.econbiz.de/10012461342
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Moral Hazard in Home Equity Conversion
Shiller, Robert J. - 1998
Home equity conversion as presently constituted or proposed usually does not deal well with the potential problem of moral hazard. Once home-owners know that the risk of poor market performance of their homes is borne by investors, they have an incentive to neglect to take steps to maintain the...
Persistent link: https://www.econbiz.de/10012472256
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The Effect of Income and Collateral Constraints on Residential Mortgage Terminations
Archer, Wayne - 1995
The prepayment behavior of home mortgage borrowers has been widely observed to be inconsistent with behavior implied by … classical option theory. A substantial literature has emerged examining the problem, focusing on the characteristics of the … mortgage and on the historic path of interest rates in attempting to explain the anomaly. This paper offers contributions to …
Persistent link: https://www.econbiz.de/10012473699
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Endogenous Mortgage Choice, Borrowing Constraints and the Tenure Decision
LaFayette, William C. - 1995
allow households to select the optimal LTV and mortgage type (adjustable or fixed-rate with Federal Housing Administration …
Persistent link: https://www.econbiz.de/10012473815
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Home Equity Insurance
Shiller, Robert J. - 1994
Home equity insurance policies, policies insuring homeowners against declines in the price of their homes, would bear some resemblance both to ordinary insurance and to financial hedging vehicles. A menu of choices for the design of such policies is presented here, and conceptual issues are...
Persistent link: https://www.econbiz.de/10012474085
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Pricing Mortgages : An Interpretation of the Models and Results
Hendershott, Patric H. - 1987
buy back the mortgage at par, and default, which is a put option giving the borrower the right to sell the house in … exchange for the mortgage. This paper reviews and interprets the large and growing body of literature that applies recent …
Persistent link: https://www.econbiz.de/10012476778
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Accelerating Inflation, Nonassumable Fixed-Rate Mortgages, and Consumer Choice and Welfare
Hendershott, Patric H. - 1981
This paper measures the impact of nonassumable, fixed-rate, long-term mortgage financing on household mobility and …, fixed-rate mortgage is largely responsible for bath sluggish housing demand in the l967-79 period and its surge in the 1976 … between current mortgage rates and those existing in the19705 and the resultant huge capital gains on existing mortgages does …
Persistent link: https://www.econbiz.de/10012478360
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Mortgage Design in an Equilibrium Model of the Housing Market
Guren, Adam M. - 2018
mortgage design interact with monetary policy? We answer these questions using a quantitative equilibrium life cycle model with … policy. Designs that raise mortgage payments in booms and lower them in recessions do better than designs with fixed mortgage … concentrate them in recessions outperform designs that spread payment reductions over the life of the mortgage. Front …
Persistent link: https://www.econbiz.de/10012453268