LAI, ROSE NENG; ONG, SEOW ENG; SING, TIEN FOO - In: International Journal of Theoretical and Applied … 09 (2006) 05, pp. 801-824
The right of lenders to request for top-ups of negative equity when the property value falls below the loan outstanding is a little known, yet widely adopted provision in mortgage documents in many Asian markets. We analyze the effect of the top-up option by appealing to a contingent claim...