First Mortgages, Second Mortgages, and Their Default

被引：3
|
作者：
Kau, James B. [1 ]
Keenan, Donald C. [2 ,3 ]
Lyubimov, Constantine [4 ]
机构：
[1] Univ Georgia, Terry Coll Business, Dept Insurance Legal Studies & Real Estate, Athens, GA 30602 USA
[2] Univ Cergy Pontoise, Dept Econ & Management, Cergy Pontoise, France
[3] THEMA, Cergy Pontoise, France
[4] Fed Natl Mortgage Assoc, Washington, DC 20016 USA
来源：
JOURNAL OF REAL ESTATE FINANCE AND ECONOMICS | 2014年 / 48卷 / 04期
关键词：
Piggyback mortgages; Default; Loan modifications; HETEROGENEITY; DURATION; MODELS;
D O I：
10.1007/s11146-013-9449-5
中图分类号：
F8 [财政、金融];
学科分类号：
0202 ;
摘要：
Using 35,437 pairs of first and second mortgages matched from within a much larger set of subprime mortgages, this paper tracks and describes the tendency for either one of the mortgages to enter default, as well as the tendency for either the one or the other mortgage to ever return to being current, all this in a possibly repeated manner. Thus, the entire, interconnected default history of pairs of first and second mortgages is explored, as well as compared to theoretical predictions.
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页码：561 / 588
页数：28
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