Utilizing new panel micro data on the ownership sequences of all types of borrowers from
1997-2012 leads to a reinterpretation of the US foreclosure crisis as more of a prime, rather …

We study how bank residential mortgage lending standards are affected by risks to the local
economy from natural disasters. We find that banks tighten lending standards in disaster-hit …

This paper provides a theoretical analysis of the efficiency of prepayment penalties in a
dynamic competitive lending model with risky borrowers and costly default. When …

The explosive growth of subprime mortgage originations in the early 2000s coincided with
the initial formation, and subsequent collapse, of the residential housing bubble. Given their …

Woodhead Behavior and the Pricing of Residential Mortgages Page 1 Woodhead Behavior and
the Pricing of Residential Mortgages YONGHENG DENG * JOHN M. QUIGLEY † NATIONAL …

We examine the evolution of mortgage modification terms obtained by distressed subprime
borrowers during the recent housing crisis and the effect of the various types of modifications …

The 2007–2008 financial crisis yielded a significant number of delinquent mortgage loans,
which ordinarily would have faced foreclosure and repossession. However, given the …

This paper develops a control-function methodology accounting for endogenous or
mismeasured regressors in hazard models. I provide sufficient identifying assumptions and …

We analyze the spatial default dependence between pairs of nonconforming securitized
mortgages, originated in Los Angeles between 2000 and 2011 and clustered by zip code …

Mortgage risk assessment is based on hazard models using data on “seasoned” mortgages,
endorsed in previous years. These models assume that the lender's pricing decision has no …