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"This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers and costly default. We show that prepayment penalties improve welfare by ensuring longer-term lending contracts, which prevents the mortgage pools from becoming...
Persistent link: https://www.econbiz.de/10008773265
Persistent link: https://www.econbiz.de/10009730584
This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers and costly default. We show that prepayment penalties improve welfare by ensuring longer-term lending contracts, which prevents the mortgage pools from becoming disproportionately...
Persistent link: https://www.econbiz.de/10013135393
This paper explores the practice of mortgage refinancing in a dynamic competitive lending model with risky borrowers and costly default. We show that prepayment penalties improve welfare by ensuring longer-term lending contracts, which prevents the mortgage pools from becoming disproportionately...
Persistent link: https://www.econbiz.de/10012462071
Persistent link: https://www.econbiz.de/10011347948
Persistent link: https://www.econbiz.de/10010197121
We study the frictions in dealer-intermediation in residential real estate through the lens of "iBuyers," technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...
Persistent link: https://www.econbiz.de/10012482470
Persistent link: https://www.econbiz.de/10012426751
We study the frictions in dealer-intermediation in residential real estate through the lens of “iBuyers,” technology entrants, who purchase and sell residential real estate through online platforms. iBuyers supply liquidity to households by allowing them to avoid a lengthy sale process. They...
Persistent link: https://www.econbiz.de/10013403778
Persistent link: https://www.econbiz.de/10014319949