Insolvency , Trigger Events , and Consumer Risk Posture in the Theory of Single-Family Mortgage Default *

Abstract

This paper integrates notions of insolvency, trigger events, and consumer risk posture into the theory of single-family mortgage default. It presents a traditional consumeror choice-theoretic framework that recognizes common elements of mortgage optionality alongside insolvency, income, house price, and interest rate variables. Two motivations for mortgage… (More)

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