This paper estimates an option-based hazard model of the competing risks of FHA mortgage termination. Results indicate that the elevated default risks of loans originated among lower credit quality and minority borrowers are more than offset by the damped prepayment speeds of those loans, so as...

This paper applies Census microdata from 1980 and 1990 to assess the determinants of housing tenure choice among racial and ethnic groups in the Los Angeles metropolitan area. Like previous research, our results indicate that endowment differences (income, education, and immigrant status)...

This paper applies Census microdata from 1980 and 1990 to assess the determinants of housing tenure choice among racial and ethnic groups in the Los Angeles metropolitan area. Like previous research, our results indicate that endowment differences (income, education, and immigrant status)...

This paper provides the first application of the compensating differential paradigm to the evaluation of the extent and sources of evolution in state quality-of-life. The compensating differentials approach derives from early work by Rosen (1979) and Roback (1982), who showed how to extract...

Recent studies have documented substantially depressed levels of homeownership among African-American households. While prior analyses have focused largely on racial disparities in household financial characteristics, few studies have assessed the potential role of location choice and locational...

Recent studies have documents substantially depressed levels of homeownership among African-American households. While prior analysis have focused largely on racial disparities in household financial characteristics, few studies have assessed the potential role of location choice and locational...

We evaluate the effects of CDO issuance on the pricing of subprime mortgage-backed securities. Upon controlling for mortgage option values and other well-established determinants of credit spreads, GMM results indicate that the emergence and rapid capitalization of the subprime-backed CDO market...

Despite recent volatility and constraints in secondary market funding, analysts have ascribed substantial value creation to the securitization of commercial mortgages. Such value creation likely emanates from enhancements to originator liquidity, tranching of claims on cash-flows, gains from...