First Mortgages, Second Mortgages, and Their Default

James Kau, Donald Keenan and Constantine Lyubimov ()

The Journal of Real Estate Finance and Economics, 2014, vol. 48, issue 4, 588 pages

Abstract: Using 35,437 pairs of first and second mortgages matched from within a much larger set of subprime mortgages, this paper tracks and describes the tendency for either one of the mortgages to enter default, as well as the tendency for either the one or the other mortgage to ever return to being current, all this in a possibly repeated manner. Thus, the entire, interconnected default history of pairs of first and second mortgages is explored, as well as compared to theoretical predictions. Copyright Springer Science+Business Media New York 2014

Keywords: Piggyback mortgages; Default; Loan modifications (search for similar items in EconPapers)
Date: 2014
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Citations: View citations in EconPapers (3)

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DOI: 10.1007/s11146-013-9449-5

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The Journal of Real Estate Finance and Economics is currently edited by Steven R. Grenadier, James B. Kau and C.F. Sirmans

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