asymptotically normal. Applying my estimator to the subprime mortgage crisis, I quantify what caused the foreclosure rate to triple … standards, with a 10% decline in home prices increasing subprime mortgage default rates by 50% …

The sharp fall of property prices after the Asian financial crisis has led many residential mortgage holders in Hong … probability of default on mortgage loans, which is an important issue in view of the fact that residential mortgage lending …) as a major determinant for mortgage default decisions. It also finds that the default probability is positively …

In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and … incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolution policies may need to be … experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage …

A model of mortgage defaults is built into the standard incomplete markets model. Households face income and house … the risk of default. The model accounts for the observed patterns of housing consumption, mortgage borrowing, and defaults …. Default-prevention policies are evaluated. The mortgage default rate, housing demand, households' ability to self-insure, and …