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Author : Gregory E. Elliehausen
Publisher : DIANE Publishing
ISBN 13 : 1437980252
Total Pages : 52 pages
Book Rating : 4.4/5 (379 download)
Download or read book Mortgage Contract Choice in Subprime Mortgage Markets written by Gregory E. Elliehausen and published by DIANE Publishing. This book was released on 2010 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Brahima Coulibaly
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.E/5 ( download)
Download or read book Choice of Mortgage Contracts written by Brahima Coulibaly and published by . This book was released on 2007 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert A. Jones
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (129 download)
Download or read book Mortgage Contracts, Strategic Options and Stochastic Collateral written by Robert A. Jones and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers a game-theoretic model for both the analysis and valuation of mortgage contracts in the context of an economy with complete information and complete contingent claims markets. We analyze the equilibrium strategy of the lender, who holds an option over the magnitude of mortgage credit extended per dollar of collateral offered, and the mortgagor, who holds options to default or prepay, in a class of intertemporal mortgage contracts collateralized by property evolving according to a random process which is common knowledge to both parties to the mortgage contract. Using continuous-time arbitrage valuation principles, we derive the value of the mortgage contract to both parties and show, through both analytical solutions and numerical simulations, that Markov perfect equilibria exist in which, among other properties, a lower flow of housing services accruing to the borrower, per dollar of initial house value, and a correspondingly lower rate of effective depreciation, will elicit a larger volume of funds offered by a lender; the amount of credit offered, the values of the contract to both lender and mortgagor, and the expected losses to both parties from costly bankrupty are highly sensitive to the perceived volatility of the value of the property collateralizing the mortgage, even in an economy with complete markets or risk neutrality on the parts of lender and borrower; the upper limit on mortgage credit offered by a rational lender may be a small fraction of the current fair market value of the property, regardless of the contractual yield offered by the borrower, and will decrease, at each such yield, as bankruptcy costs or housing service flows increase; and under significant but plausible values for bankruptcy and costs of liquidating property under foreclosure, the flow of mortgage credit can become negatively related to the spread of the mortgage yield over the riskless rate, with the lender preferring a lower contractual yield to a higher one.
Author : Bruce Wyman
Publisher :
ISBN 13 :
Total Pages : 470 pages
Book Rating : 4.A/5 ( download)
Download or read book A Selection of Cases on Mortgages written by Bruce Wyman and published by . This book was released on 1903 with total page 470 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Yao-Min Chiang
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (13 download)
Download or read book Optimal Contract Choice Decision in the Presence of Pay Option Adjustable Rate Mortgage and the Balloon Mortgage written by Yao-Min Chiang and published by . This book was released on 2014 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The unprecedented run-up in global house prices of the 2000s was preceded by a revolution in U.S. mortgage markets in which borrowers faced a plethora of mortgages to choose from collectively known as nontraditional mortgages (NTMs), whose poor performance helped ignite the global financial crisis in 2007. This paper studies the choice of mortgage contracts in an expanded framework where the menu of contracts includes the pay option adjustable rate mortgage (PO-ARM), and the balloon mortgage (BM), alongside the traditional long horizon fixed rate mortgage (FRM) and the short horizon regular ARM. The inclusion of the PO-ARM is based on the fact it is the most controversial and perhaps the riskiest of the NTMs, whereas the BM has not been analyzed in the literature despite its different risk-sharing arrangement and long vintage. Our inclusive model relates the structural differences of these contracts to the horizon risk management problems and affordability constraints faced by the households that differ in terms of expected mobility. The numerical solutions of the model generates a number of interesting results suggesting that households select mortgage contracts to match their horizon, manage horizon risk and mitigate liquidity or affordability constraints they face. From a risk management and welfare perspectives, we find that e optimal contract for households with shorter horizons, specifically households who expect to move house once every one to two years, is the PO-ARM. Beyond 2 years the welfare advantage of the PO-ARM diminishes and BM becomes the more optimal contract up to 5-year horizon. Overall, the results suggest that households are neither as risk averse as the selection of the FRM would suggest, nor are they was risk-seeking as the selection of PO-ARM or regular ARM would suggest. The results also suggest that the exuberance demonstrated for NTMs by borrowers, especially PO-ARMs, may be both rational and irrational.
Author : Hsiu-Wen Wu
Publisher :
ISBN 13 :
Total Pages : 386 pages
Book Rating : 4.E/5 ( download)
Download or read book Consumer Mortgage Choice Between Fixed-rate Mortgages and Adjustable-rate Mortgages written by Hsiu-Wen Wu and published by . This book was released on 1992 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Richard Stanton
Publisher :
ISBN 13 :
Total Pages : 48 pages
Book Rating : 4.:/5 ( download)
Download or read book Mortgage Choice written by Richard Stanton and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :
Publisher :
ISBN 13 :
Total Pages : 130 pages
Book Rating : 4.3/5 ( download)
Download or read book Option Theory and Fixed Rate Mortgages written by and published by . This book was released on 1986 with total page 130 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : David S. Hill
Publisher :
ISBN 13 :
Total Pages : 472 pages
Book Rating : 4.F/5 ( download)
Download or read book Basic Mortgage Law written by David S. Hill and published by . This book was released on 2001 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael Ralph Asay
Publisher :
ISBN 13 :
Total Pages : 222 pages
Book Rating : 4.:/5 (249 download)
Download or read book A Theory of the Rational Pricing of Mortgage Contracts written by Michael Ralph Asay and published by . This book was released on 1977 with total page 222 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Frank James
Publisher :
ISBN 13 :
Total Pages : 936 pages
Book Rating : 4.F/5 ( download)
Download or read book The Law of Option Contracts written by Frank James and published by . This book was released on 1916 with total page 936 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph B. Nichols
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (76 download)
Download or read book Mortgage Contracts and the Definitions of and Demand for Housing Wealth written by Joseph B. Nichols and published by . This book was released on 2005 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ralph Tamper
Publisher : Dearborn Real Estate
ISBN 13 : 9780793194360
Total Pages : 334 pages
Book Rating : 4.1/5 (943 download)
Download or read book Texas Real Estate Contracts written by Ralph Tamper and published by Dearborn Real Estate. This book was released on 2004 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Isaac Maurice Wormser
Publisher :
ISBN 13 :
Total Pages : 728 pages
Book Rating : 4.A/5 ( download)
Download or read book A Selection of Cases and Other Authorities on the Law of Mortgage written by Isaac Maurice Wormser and published by . This book was released on 1925 with total page 728 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Joseph B. Nichols
Publisher :
ISBN 13 :
Total Pages : 93 pages
Book Rating : 4.:/5 (11 download)
Download or read book Mortgage Contracts and the Definition of and Demand for Housing Wealth written by Joseph B. Nichols and published by . This book was released on 2005 with total page 93 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Lu Liu
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (137 download)
Download or read book The Demand for Long-term Mortgage Contracts and the Role of Collateral written by Lu Liu and published by . This book was released on 2023 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : William Carl LaFayette
Publisher :
ISBN 13 :
Total Pages : 418 pages
Book Rating : 4.:/5 (317 download)
Download or read book Mortgage Choice, Tenure Choice, and Housing Demand in the Presence of Mortgage Qualifications Constraints written by William Carl LaFayette and published by . This book was released on 1994 with total page 418 pages. Available in PDF, EPUB and Kindle. Book excerpt:
