Larry Cordell

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  • Ronel Elul, MORTGAGE DEFAULT, +10 authors Nicholas Souleles
  • 2009
The academic literature, the popular press, and policymakers have all debated securitization's contribution to the poor performance of mortgages originated in the run-up to the recent crisis. Theoretical arguments have been advanced on both sides, but the lack of suitable data has made it difficult to assess them empirically. We examine this issue by using(More)
Ninety-six patients requesting psychotherapy were studied prospectively at the time of screening interview by four senior psychiatrists using a variation on Luborsky's Helping Alliance questionnaire and the Osgood Semantic Differential. Significant differences were found at the time of screening between early dropouts and continuers, among screeners' rate(More)
and the staffs at the Federal Reserve Board and the Federal Reserve Banks of Boston, New York, and Philadelphia for helpful comments. The views expressed here are those of the authors and do not necessarily reflect those of the Federal Reserve Bank of Philadelphia or the Federal Reserve System. Abstract This paper conducts an in-depth analysis of structured(More)
We document increased ruthlessness of mortgage default option exercise over the financial crisis and beyond. For a given level of negative equity, borrower propensity to default rose markedly over the 2007 – 2012 period and among hard-hit metropolitan areas. We show that elevated default option exercise was more salient to crisis-period defaults than were(More)
The Agency CMO market, an often overlooked corner of mortgage finance, has experienced tremendous growth over the past decade. This paper explains the rationale behind the construction of Agency CMOs, quantifies risks embedded in Agency CMOs using a traditional and a novel approach, and offers valuable lessons learned when interpreting these risk measures.(More)