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A Dynamic Analysis Of Fixed And Adjustable Rate Mortgage Terminations
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Book Synopsis A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations by : Charles A. Calhoun
Download or read book A Dynamic Analysis of Fixed- and Adjustable-Rate Mortgage Terminations written by Charles A. Calhoun and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper provides a side-by-side comparison of loan-level statistical models for fixed- and adjustable-rate mortgages. Multinomial logit models for quarterly conditional probabilities of default and prepayment are estimated. We find that the estimated impacts of embedded option values for prepayment and default are generally quite similar across both FRM and ARM loans, providing additional empirical support for the basic predictions of the options theory. We also find that differences in estimates of conditional probabilities of prepayment and default associated with mortgage age, origination period, original LTV, and relative loan size, indicate the continued significance of these other economic and demographic factors for empirical models of mortgage terminations.
Book Synopsis Adjustable and Fixed Rate Mortgage Termination, Option Values and Local Market Conditions by : James Vanderhoff
Download or read book Adjustable and Fixed Rate Mortgage Termination, Option Values and Local Market Conditions written by James Vanderhoff and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the probabilities of prepayment or default for Fixed Rate Mortgages (FRMs) and Adjustable Rate Mortgages (ARMs). Using data from the period 1985-1992, the analysis indicates that the likelihood of prepayment of thirty year FRMs was determined primarily by house price appreciation and personal income growth and the likelihood of prepayment of fifteen year FRMs determined primarily by interest rate changes. ARMs were prepaid less frequently than FRMs, were less likely to be prepaid when interest rates declined and defaulted more often than FRMs. The analysis provides evidence that ARM holders are less mobile than FRM holders.
Book Synopsis New Directions in Real Estate Finance and Investment by : Piet Eichholtz
Download or read book New Directions in Real Estate Finance and Investment written by Piet Eichholtz and published by Springer Science & Business Media. This book was released on 2013-03-14 with total page 195 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research in real estate finance and economics has developed in an exciting way in the past twenty-five years or so. The resulting theoretical and empirical findings are shining a new light on some of the classic mysteries of the real estate markets. It is good to see that a growing proportion of this research output is concerned with contemporary problems and issues regarding the European and Far Eastern property markets. To stimulate a creative exchange of new ideas and a debate of the latest research findings regarding the global property markets, the Maastricht-Cambridge Real Estate Finance and Investment Symposium was established. This initiative aims at bringing together a number of leading researchers in the field for a short, intensive conference. The 2000 Symposium, which was hosted by Maastricht University in the Netherlands in June of that year, is the first in an annual series of such conferences, which will alternate between Maastricht University and Cambridge University. This book is a compilation of the papers originally presented at the first Maastricht-Cambridge Symposium in 2000.
Book Synopsis International Encyclopedia of Housing and Home by :
Download or read book International Encyclopedia of Housing and Home written by and published by Elsevier. This book was released on 2012-10-09 with total page 3870 pages. Available in PDF, EPUB and Kindle. Book excerpt: Available online via SciVerse ScienceDirect, or in print for a limited time only, The International Encyclopedia of Housing and Home, Seven Volume Set is the first international reference work for housing scholars and professionals, that uses studies in economics and finance, psychology, social policy, sociology, anthropology, geography, architecture, law, and other disciplines to create an international portrait of housing in all its facets: from meanings of home at the microscale, to impacts on macro-economy. This comprehensive work is edited by distinguished housing expert Susan J. Smith, together with Marja Elsinga, Ong Seow Eng, Lorna Fox O'Mahony and Susan Wachter, and a multi-disciplinary editorial team of 20 world-class scholars in all. Working at the cutting edge of their subject, liaising with an expert editorial advisory board, and engaging with policy-makers and professionals, the editors have worked for almost five years to secure the quality, reach, relevance and coherence of this work. A broad and inclusive table of contents signals (or tesitifes to) detailed investigation of historical and theoretical material as well as in-depth analysis of current issues. This seven-volume set contains over 500 entries, listed alphabetically, but grouped into seven thematic sections including methods and approaches; economics and finance; environments; home and homelessness; institutions; policy; and welfare and well-being. Housing professionals, both academics and practitioners, will find The International Encyclopedia of Housing and Home useful for teaching, discovery, and research needs. International in scope, engaging with trends in every world region The editorial board and contributors are drawn from a wide constituency, collating expertise from academics, policy makers, professionals and practitioners, and from every key center for housing research Every entry stands alone on its merits and is accessed alphabetically, yet each is fully cross-referenced, and attached to one of seven thematic categories whose ‘wholes' far exceed the sum of their parts
Book Synopsis Report to Congress on the Root Causes of the Foreclosure Crisis by : Christopher E. Herbert
Download or read book Report to Congress on the Root Causes of the Foreclosure Crisis written by Christopher E. Herbert and published by DIANE Publishing. This book was released on 2010-06 with total page 83 pages. Available in PDF, EPUB and Kindle. Book excerpt: Analyzes data and trends in the residential housing market and reviews the academic lit. and industry press on the root causes of the current foreclosure crisis (FC). Provides a review of policy responses and recommended actions to mitigate the FC and help prevent similar crises from occurring in the future. Contents: (1) Trends in Delinquencies and Foreclosures: Regional Trends in Foreclosures; (2) Lit. Review: General Lit. on Causes of Foreclosures and Delinquencies; Lit. Assessing Causes of the Current FC; Factors Enabling Expanded Risky Lending; (3) Policy Responses to the FC: Efforts To Address Rising Foreclosures; Efforts To Reduce the Risk of High Rates of Mortgage Foreclosures in the Future; Mortgage Market Reform. Illus.
Book Synopsis Mortgage Markets Worldwide by : Danny Ben-Shahar
Download or read book Mortgage Markets Worldwide written by Danny Ben-Shahar and published by John Wiley & Sons. This book was released on 2009-01-28 with total page 312 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book provides a theoretical and empirical evaluation ofdifferent housing finance systems, presenting a collection ofstudies that describe various aspects of selected mortgage marketsaround the world. The uniqueness of the chosen markets lies in thefact that they represent not only different regions around theglobe (Africa, the Middle East, Asia, and Eastern Europe), but alsounderstudied markets in different stages of economic and financialdevelopment. This book examines questions relating to housingfinance efficiency and contract heterogeneity. In addition, itanalyses the securitization experiences in these countries toprovide lessons on how mortgage markets are integrated with capitalmarkets and how particular institutional framework interacts withmortgage markets. Short reviews are provided for each of the selected mortgagemarkets. The review will include institutional aspects of themarkets such as: the size and structure of the market (includingflows and accumulation of funds); a description of the competitionand a presentation of the major competitors (including marketshare, major financial measures, etc.); profitability in themarket, trends, structural changes, the major mortgage instrumentsand their market share, special tax issues, the role of thegovernment in the market, defaults, prepayments, mortgageinsurance, and major regulatory issues. The analysis explores the major existing problems in the mortgagemarket of each country, the current steps adopted to solve theseproblems, possible propositions for dealing with the major issuesin the future, and the implied future developments anticipated inthe market.
Book Synopsis Household Credit Usage by : B. W. Ambrose
Download or read book Household Credit Usage written by B. W. Ambrose and published by Springer. This book was released on 2007-10-29 with total page 293 pages. Available in PDF, EPUB and Kindle. Book excerpt: In response to growing interest in household finance, this collection of essays with a foreword by John Y. Campbell, studies household and consumer use of credit instruments. It shows how individual consumers and households utilize various credit alternatives in managing their consumption and savings and suggests areas for future research.
Book Synopsis The Probability of Fixed and Adjustable Rate Mortgage Termination by : Richard Phillips
Download or read book The Probability of Fixed and Adjustable Rate Mortgage Termination written by Richard Phillips and published by . This book was released on 1998 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes mortgage terminations using a national individual loan data set for the 1986 to 1992 period. The standard option choice-theoretic framework is supplemented with variables to proxy for non-option related termination determinants. Separate multinomial logit models are estimated for three mortgage types: 30 year FRMs, 15 year FRMs, and 30 year ARMs. The results indicate substantial differences in the response of the mortgage types to variables included in the model. FRM15 prepayments are the most responsive to prepayment option values; FRM30 prepayments are less responsive to option values and are driven by local area housing market and economic conditions; ARM prepayment rates are higher but default rates are lower relative to the FRMs. A noteworthy finding is that teaser discounts reduce the likelihood of ARM defaults.
Book Synopsis Direct Real Estate Duration Risk, Total Risk and the Residential Mortgage Life Insurance (Rmli) by : Kim Hin David HO
Download or read book Direct Real Estate Duration Risk, Total Risk and the Residential Mortgage Life Insurance (Rmli) written by Kim Hin David HO and published by Partridge Publishing Singapore. This book was released on 2021-08-31 with total page 106 pages. Available in PDF, EPUB and Kindle. Book excerpt: Chapter 1 compares the direct real estate (DRE) duration Beta estimates with the time-varying Beta regression estimates, for each of the three prime DRE sectors. Except for the prime office sector, both the duration Beta and the time-varying Beta profiles follow the same general trend. The luxury residential sector and the prime office sector are inclined to move in opposite direction. However, the prime office sector shows greater volatility in the duration Beta compared with the time-varying Beta. Chapter 2 demonstrates overall that in the presence of a set of limited available information comprising a direct real estate (DRE) asset’s passing (annual) rent, the current rental value, the expected yields and the yield-growth movements from a DRE sector analysis, conducted by a DRE consultancy or service provider, the risk-free rate and the lease maturity period; it is readily feasible to model and rigorously estimate several key risk measures and the expected total returns (TRs). Such a model and its estimations can be achieved through an ex-ante integrated DRE risk-measure model, which innovatively combines the bond duration-convexity risk conception, the Beta distribution function, and the DRE equivalent (rental) yield valuation conception. Finally, Chapter 3 looks at the structural and behavioural experience of the prepayment risk for the underlying mortgages of China’s rapidly developing residential mortgage life insurance (RMLI) market. A reliable private prepayment dataset for China’s commercial center - the city of Shanghai - is deployed. Chapter 3 estimates the relationship between RMLI’s underlying mortgage prepayment risk and the observable macroeconomic factors, loan specific factors and borrower specific characteristics. A Cox proportional hazard model is adopted for this purpose. Chapter 4 summarises the book’s findings and highlights the contributions and recommendations made
Book Synopsis Statistical Data Mining and Knowledge Discovery by : Hamparsum Bozdogan
Download or read book Statistical Data Mining and Knowledge Discovery written by Hamparsum Bozdogan and published by CRC Press. This book was released on 2003-07-29 with total page 621 pages. Available in PDF, EPUB and Kindle. Book excerpt: Massive data sets pose a great challenge to many cross-disciplinary fields, including statistics. The high dimensionality and different data types and structures have now outstripped the capabilities of traditional statistical, graphical, and data visualization tools. Extracting useful information from such large data sets calls for novel approaches that meld concepts, tools, and techniques from diverse areas, such as computer science, statistics, artificial intelligence, and financial engineering. Statistical Data Mining and Knowledge Discovery brings together a stellar panel of experts to discuss and disseminate recent developments in data analysis techniques for data mining and knowledge extraction. This carefully edited collection provides a practical, multidisciplinary perspective on using statistical techniques in areas such as market segmentation, customer profiling, image and speech analysis, and fraud detection. The chapter authors, who include such luminaries as Arnold Zellner, S. James Press, Stephen Fienberg, and Edward K. Wegman, present novel approaches and innovative models and relate their experiences in using data mining techniques in a wide range of applications.
Book Synopsis Islamic Banking and Finance by : Mondher Bellalah
Download or read book Islamic Banking and Finance written by Mondher Bellalah and published by Cambridge Scholars Publishing. This book was released on 2013-07-16 with total page 295 pages. Available in PDF, EPUB and Kindle. Book excerpt: Islamic finance is founded on principles that constitute the guidelines governing any Islamic economic or financial dealings. Innovative financial engineering today constitutes one of the most critical needs of Islamic financial institutions. It represents the forces that will drive Islamic finance toward continuous growth and efficiency. The structuring of new financing and Shariah-complaint instruments plays an important role in the enhancement of Islamic financial markets, and Islamic risk management practices, combining basic Shariah-complaint financial instruments within Shariah structures to precise identified needs. The financial engineering process in Islamic finance is a process that is very sensitive and complex. It requires multidisciplinary considerations, involving deep knowledge of finance, economy, Shariah law and commercial law. Divergence of opinions among different Shariah scholars and boards, as well as the absence or lack of effectiveness of a central regulatory body, is perceived as an obstacle to the growth of investment confidence in Islamic finance. Hence, innovation, along with greater uniformity, is essential to make Islamic finance an international financial system and to attract a greater number of customers. This book addresses the main issues of concern within Islamic banking, namely the development of conceptual framework, the viability of interest-free banking, and the assessment of its performance and future. In a world where conventional interest-based finance is the dominant framework, Islamic banking faces many challenges that must be addressed. This book discusses these issues and challenges and will be of great interest to both researchers and practitioners. It analyses the past experiences of Islamic banks worldwide, and provides an objective assessment of their successes and failures.
Book Synopsis Journal of Disability Policy Studies by :
Download or read book Journal of Disability Policy Studies written by and published by . This book was released on 2011 with total page 276 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Characteristics of Mortgage Terminations by : Hyeongjun Kim
Download or read book Characteristics of Mortgage Terminations written by Hyeongjun Kim and published by . This book was released on 2018 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Understanding mortgage termination behavior is crucial for valuating mortgage-backed securities. Analyzing a unique loan-level dataset, this study examines the characteristics of mortgage prepayment and default behaviors in the Korean housing and housing finance markets. We also analyze mortgage termination behaviors across regions, loan purposes, and periods. The results suggest that the prepayment rate of fixed-rate mortgages (FRMs) and the ratio of adjustable-rate mortgages to FRMs can provide meaningful signals for the Korean household economy. Although the macro-prudential policies pertaining to the loan-to-value ratio (LTV) and debt-to-income ratio (DTI) are very effective, their effects can vary depending on the region or loan purpose. Furthermore, the DTI and credit score cannot always identify the default risks of mortgages are not intended for housing purchases even though such mortgages are more vulnerable to macroeconomic changes. The observed changes in default behavior indicate that the government's policies to promote fixed-rate loans have achieved a certain degree of success.
Download or read book Economic Perspectives written by and published by . This book was released on 2008 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Relative Termination Probabilities of Adjustable-rate Mortgages by : Donald F. Cunningham
Download or read book The Relative Termination Probabilities of Adjustable-rate Mortgages written by Donald F. Cunningham and published by . This book was released on 1988 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Borrowers' Choice Between Fixed and Adjustable Rate Mortgages by : László Szerb
Download or read book The Borrowers' Choice Between Fixed and Adjustable Rate Mortgages written by László Szerb and published by . This book was released on 1994 with total page 412 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Housing Policy Debate written by and published by . This book was released on 2007 with total page 914 pages. Available in PDF, EPUB and Kindle. Book excerpt:
