While numerous and varied opinions abound, there remains much confusion why so few mortgages are modified at a time when demand to modify is so high. To better understand this complex issue, we build a game theoretic model to quantify a number of economic incentives and costs surrounding various...

Using a sample of 26,892 rate quotes on home purchase loan applications, the current paper investigates interstate variation in residential mortgage interest rates. More specifically, we find posted rate quotes by lenders are directly related to measures of foreclosure process risk including the...

Using a sample of 26,892 rate quotes on home purchase loan applications, the current paper investigates interstate variation in residential mortgage interest rates. More specifically, we find posted rate quotes by lenders are directly related to measures of foreclosure process risk including the...