Foote, Christopher L.; Gerardi, Kristopher; Götte, Lorenz - 2009
it. We use an economic model to focus on two key decisions: the
borrower’s choice to default on a mortgage and the … illustrate that unaffordable loans,
defined as those with high mortgage payments relative to income at origination, are unlikely …, D12, G21
Key words: mortgage, foreclosure, modification, securitization
1 Introduction
One of the most important …