First Mortgages, Second Mortgages and Their Default
Posted: 4 Apr 2014
There are 2 versions of this paper
First Mortgages, Second Mortgages, and Their Default
Number of pages: 34
Posted: 22 Dec 2012
Downloads
119
Date Written: April 2, 2014
Abstract
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.
Keywords: Piggyback mortgages; Default; Loan modifications
Suggested Citation: Suggested Citation
Kau, James B. and Keenan, Donald C. and Keenan, Donald C. and Lyubimov, Constantine, First Mortgages, Second Mortgages and Their Default (April 2, 2014). Journal of Real Estate Finance and Economics, Vol. 48, No. 4, 2014, Available at SSRN: https://ssrn.com/abstract=2419612
Feedback
Feedback to SSRN