This paper presents an analysis of the distribution of home purchase mortgages insured by the Federal Housing Administration (FHA) in the primary mortgage market. Utilizing a sample of loan originations aggregated at the zip code level, the distribution of the market served by FHA and...

A national loan level data set, aggregated at the zip code is used to examine the elasticity of default relative to local demographic characteristics and state level legislation regulating foreclosure procedures and predatory lending. We also illustrate the merit of using a form of hierarchical...

This article represents an extension of the expansive credit risk and credit migration literature, prominent in option pricing risk analysis of corporate bond and securities investment, to an analysis of the drift of consumer credit scores over the first 3 years of a mortgage loan. A rich data...

This article represents an extension of the expansive credit risk and credit migration literature, prominent in pricing risk of corporate bond and securities investment, to an analysis of the drift of consumer credit scores. A rich data set of residential mortgages is used in the development of...