Adelino, Manuel; Gerardi, Kristopher; Willen, Paul S. - In: Journal of Monetary Economics 60 (2013) 7, pp. 835-853
A leading explanation for the lack of widespread mortgage renegotiation is the existence of frictions in the mortgage securitization process. This paper finds similarly small renegotiation rates for securitized loans and loans held on banks' balance sheets that become seriously delinquent, in...