This paper examines what happens to mortgages in the subprime mortgage market once foreclosure proceeding are initiated. A multinominial logit model that allows for the interdependence of the possible outcomes or risks (cure, partial cure, paid off, and real estate owned) through the correlation...

This paper examines what happens to mortgages in the subprime mortgage market once foreclosure proceeding are initiated. A multinominial logit model that allows for the interdependence of the possible outcomes or risks (cure, partial cure, paid off, and real estate owned) through the correlation...

The financial crisis can be measured in many numerical ways. It can be measured by the 8 million homeowners delinquent on mortgage payments, the $7 trillion in lost household wealth, the 30 percent decline in house prices, the 15 million homeowners underwater, or the doubling of the unemployment...