-based probability of default model which yields directly observ- able cash-fl ows at the loan level. The estimated model includes … the model and impact loans' probability of default and cure. Other loan-level covariates such as bank, Buy-to-Let status …, and vintage also impact loans' transition probabilities. Loss Given Default is also modelled over a three-year horizon …

. Consequently, shocks that lower house prices may trigger one of the necessary conditions for default: negative equity. A common … alternative contract attempts to prevent default by imposing full-recourse. This may cause individuals who believe they are likely … to default to rent; however, it does not prevent those who buy from experiencing negative equity. I consider a contract …

(including unsecured debt, liquid assets, and illiquid assets) play in default decisions. In sharp contrast to prior studies that … strongest predictor of default. We find that individual unemployment increases the probability of default by 5 - 13 percentage … points, ceteris paribus, compared with the sample average default rate of 3.9 percent. We also find that only 13.9 percent of …

purchase mortgages to subprime borrowers. We also document that the expansion in speculative mortgage products and underwriting …

of in cash can play a major role in encouraging savings. When paid on the account, the money is saved by default, while …

(including unsecured debt, liquid assets, and illiquid assets) play in default decisions. In sharp contrast to prior studies that … strongest predictor of default. We find that individual unemployment increases the probability of default by 5 - 13 percentage … points, ceteris paribus, compared with the sample average default rate of 3.9 percent. We also find that only 13.9 percent of …

of in cash can play a major role in encouraging savings. When paid on the account, the money is saved by default, while …