Housing Default
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Housing Default
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Author : Allen C. Goodman
language : en
Publisher: DIANE Publishing
Release Date : 2010-10
Housing Default written by Allen C. Goodman and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10 with Law categories.
Using a national loan level data set, the authors examine loan default as explained by local demographic characteristics and state level legislation that regulates foreclosure procedures and predatory lending through a hierarchical linear model. They observe significant variation in the default rate across states, with lower default levels in states with higher temporal and financial costs to lenders when controlling for loan and location conditions. The results are notable given that many of the observed loans were sold to investors in national and international markets. State level legislative influences provide a foundation for discussion of national level policy that further regulates predatory lending and financial institution foreclosure activities. Charts and tables.
Mortgage Defaults
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Author : Juan Carlos Hatchondo
language : en
Publisher: International Monetary Fund
Release Date : 2012-01-01
Mortgage Defaults written by Juan Carlos Hatchondo and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-01-01 with Business & Economics categories.
This paper incorporates house price risk and mortgages into a standard incomplete market (SIM) model. The model is calibrated to match U.S. data and accounts for non-targeted features of the data such as the distribution of down payments, the life-cycle profile of home ownership, and the mortgage default rate. The average coefficients that measure the agents' ability to self-insure against income shocks are similar to those of a SIM model without housing but housing increases the values of these coefficients for younger agents. The response of consumption to house price shocks is minimal. The introduction of minimum down payments or income garnishment benefits a majority of the population.
Local Housing Market Cycle And Loss Given Default
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Author : Yanan Zhang
language : en
Publisher: International Monetary Fund
Release Date : 2010-07-01
Local Housing Market Cycle And Loss Given Default written by Yanan Zhang and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-07-01 with Business & Economics categories.
This paper studies the impact of housing market cycles on loss given default (LGD). Previous studies have shown that the current loan-to-value ratio (CLTV) is the most important determinant of LGD. This paper establishes another linkage which is between the house price cycles before the time of mortgage origination and LGD. The empirical analysis is based on a large loan-level sub-prime residential mortgage loss dataset from 1998 to 2009. Results show that house price history has a long memory in explaining LGD. Its explanatory power far exceeds the original LTV and other loan characteristics. This paper offers a countercyclical view of LGD risk. The model can be combined with a default probability model to serve as a regulatory prudential tool. Such a tool provides a solution to the inherent procyclical bias in BASEL II capital requirements, and can contribute to the safety and soundness of banking institutions.
Mortgage Default And Mortgage Valuation
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Author : John Krainer
language : en
Publisher: DIANE Publishing
Release Date : 2010-10
Mortgage Default And Mortgage Valuation written by John Krainer and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-10 with Law categories.
The authors develop an equilibrium valuation model that incorporates optimal default to show how mortgage yields and lender recovery rates on defaulted mortgages depend on initial loan-to-value (LTV) ratios. The analysis treats both the frictionless case and the case in which borrowers and lenders incur deadweight costs upon default. The model is calibrated using data on California mortgages. Given reasonable parameter values, the model does a surprisingly good job fitting the risk premium in the data for high LTV mortgages. Thus, from an ex ante perspective, the authors do not find strong evidence of systematic underpricing of default risk in the run-up to the housing market crisis. Charts and tables.
Mortgage Defaults
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Author : Juan Carlos Hatchondo
language : en
Publisher:
Release Date : 2015
Mortgage Defaults written by Juan Carlos Hatchondo and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2015 with categories.
We present a model in which households facing income and housing-price shocks use long-term mortgages to purchase houses. Interest rates on mortgages reflect the risk of default. The model accounts for observed patterns of housing consumption, mortgage borrowing, and defaults. We use the model as a laboratory to evaluate default-prevention policies. While recourse mortgages make the penalty for default harsher and thus may lower the default rate, they also lower equity and increase payments and thus may increase the default rate. Introducing loan-to-value (LTV) limits for new mortgages increases equity and thus lowers the default rate, with negligible negative effects on housing demand. The combination of recourse mortgages and LTV limits reduces the default rate while boosting housing demand. Recourse mortgages with LTV limits are also necessary to prevent large increases in the mortgage default rate after large declines in the aggregate price of housing.
Mortgage Delinquencies And Defaults
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Author : United States. Congress. House. Committee on Government Operations. Manpower and Housing Subcommittee
language : en
Publisher:
Release Date : 1983
Mortgage Delinquencies And Defaults written by United States. Congress. House. Committee on Government Operations. Manpower and Housing Subcommittee and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1983 with Foreclosure categories.
Causes Of Multi Family Defaults
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Author : United States. Department of Housing and Urban Development. Office of Program Analysis and Evaluation
language : en
Publisher:
Release Date : 1975
Causes Of Multi Family Defaults written by United States. Department of Housing and Urban Development. Office of Program Analysis and Evaluation and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Foreclosure categories.
Loss Given Default Of High Loan To Value Residential Mortgages
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Author : Min Qi
language : en
Publisher:
Release Date : 2007
Loss Given Default Of High Loan To Value Residential Mortgages written by Min Qi and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007 with Default (Finance) categories.
This paper studies residential mortgage loss given default using a large set of historical loan-level default and recovery data of high loan-to-value mortgages from several private mortgage insurance companies. We show that loss given default can largely be explained by various characteristics associated with the loan, the underlying property, and the default, foreclosure, and settlement process. We find that the current loan-to-value ratio is the single most important determinant. More importantly, mortgage loss severity in distressed housing markets is significantly higher than under normal housing market conditions. Our empirical results have important policy implications for risk-based capital.
Housing Management Foreclosures And Abandonments
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Author : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs
language : en
Publisher:
Release Date : 1975
Housing Management Foreclosures And Abandonments written by United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1975 with Foreclosure categories.
Annual Report Of The Federal Housing Administration
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Author : United States. Federal Housing Administration
language : en
Publisher:
Release Date : 1956
Annual Report Of The Federal Housing Administration written by United States. Federal Housing Administration and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1956 with Housing categories.