Green, Richard K.; Shilling, James D. - In: Real Estate Economics 25 (1997) 3, pp. 373-385
This study uses new data on the rate of prepayment on conventional single-family adjustable-rate mortgages (ARMs) that originated between 1983 and 1986 to determine if ARMs with and without initial-year discounts have the same probability of paying off. The new data are from a large national...