Clapp, John M.; Goldberg, Gerson M.; Harding, John P.; … - In: Real Estate Economics 29 (2001) 3, pp. 411-450
We model competing risks of mortgage termination where the borrower faces a repeated choice to continue to pay, refinance the loan, move or default. Most previous empirical work on mortgage prepayment has ignored the distinction between prepayments triggered by refinancing and moving, combining...