Tracking a sample of modified loans underlying private-label mortgage-backed securities, I compare the modification … soft information in mortgage securitization can impose a substantial cost on mortgage servicing, which raises important …

strategically as their home value falls below the mortgage value (exercise the put option to default on their first mortgage). While … current but stand behind a seriously delinquent first mortgage, are subject to a high risk of default. On the other hand … that the various mortgage loss mitigation programs also play a role in providing incentives for homeowners to default on …

an aggregate shock borne by a region is positively correlated with the level of FD present at the time of the shock …

This paper focuses on the potential externalities associated with subprime mortgage origination activity. Specifically …, we examine whether negative spillover effects from subprime mortgage originations result in higher default rates in the … neighborhood does not lead to greater default risks for surrounding borrowers. However, we do find that more aggressive mortgage …