The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency … following modifications. While modification terms are more favorable for weaker borrowers, greater reductions in mortgage … point decline in mortgage interest rate is associated with a nearly 4 percentage point decline in default probability. This …

The meltdown in residential real-estate prices that commenced in 2006 resulted in unprecedented mortgage delinquency … following modifications. While modification terms are more favorable for weaker borrowers, greater reductions in mortgage … point decline in mortgage interest rate is associated with a nearly 4 percentage point decline in default probability. This …

We show how the timing of financial innovation might have contributed to the mortgage bubble and then to the crash of …

mortgages as commodities and exotic financing products changed the position and role of mortgage loan collateral. As new and … unregulated mortgage servicing and debt collection practices were increasingly insulated from mortgage ownership, collateral as a …This article first describes the paradigm shift in mortgage loan servicing over the past two decades. Securitization of …

In the current structure of the U.S. residential mortgage market, a fall in property values may make it very difficult … institutional background for this effect and quantify its importance. We confirm that this form of collateral constraint has greatly … institutional changes could have neutralized the damaging effects of the collateral constraints, and we discuss why the institutions …

We show how the timing of financial innovation might have contributed to the mortgage boom and then to the bust of 2007 … collateral. We show why tranching and leverage tend to raise asset prices and why CDS tend to lower them. This may seem puzzling …