First Mortgages, Second Mortgages, and Their Default

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 curren...

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Bibliographic Details
Published in:The journal of real estate finance and economics 2014-05, Vol.48 (4), p.561-588
Main Authors: Kau, James B., Keenan, Donald C., Lyubimov, Constantine
Format: Article
Language:English
Subjects:
Credit market
Default
Delinquency
Economic analysis
Economic models
Economic statistics
Economic theory
Economics
Economics and Finance
Efficient markets
Financial analysis
Financial Services
Foreclosure
Liens
Loan workouts
Loans
Mortgages
Nonperforming loans
Real estate
Regional/Spatial Science
Studies
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Summary: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.
ISSN:0895-5638
1573-045X
DOI:10.1007/s11146-013-9449-5