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Termination of Distressed Residential Mortgages: An Empirical Analysis

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  • Springer, Thomas M
  • Waller, Neil G

Abstract

A sample of 209 distressed mortgages is used to analyze the terminations of distresses mortgages. An option-based model is compared to a traditional default model. Results show that the traditional model is statistically superior. However, the model's ability to identify a default is similar to that of the simpler option-based model. Alternative measures of borrower's equity are compared. Measuring borrower's equity using total debt more accurately explains default than using either the mortgage balance or the mortgage value. Copyright 1993 by Kluwer Academic Publishers

Suggested Citation

  • Springer, Thomas M & Waller, Neil G, 1993. "Termination of Distressed Residential Mortgages: An Empirical Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 7(1), pages 43-54, July.
    • Handle: RePEc:kap:jrefec:v:7:y:1993:i:1:p:43-54
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    Cited by:

    1. Richard A. Phillips & Eric M. Rosenblatt, 1997. "The Legal Environment and the Choice of Default Resolution Alternatives: An Empirical Analysis," Journal of Real Estate Research, American Real Estate Society, vol. 13(2), pages 145-154.
    2. Timothy Jones & Dean Gatzlaff & G. Stacy Sirmans, 2016. "Housing Market Dynamics: Disequilibrium, Mortgage Default, and Reverse Mortgages," The Journal of Real Estate Finance and Economics, Springer, vol. 53(3), pages 269-281, October.

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