The Effect of State Foreclosure Laws on Loan Losses: Evidence from the Mortgage Insurance Industry
分析州止赎法三大条款（程序、赎回期、不足额判决）对抵押贷款损失的影响，利用私人抵押保险和FHA的理赔数据，并探讨贷款人与保险公司之间的激励冲突。
This paper analyzes the effect of three major provisions of state foreclosure laws (procedure, redemption period, and provision for deficiency judgment) on loan losses as reflected in the claims paid by private mortgage insurers and the FHA. It also explores the significance of the incentive conflict between the lender and the insurer in terms of the presence or absence of a coinsurance relationship and the existence of a deficiency judgment. The results demonstrate that foreclosure laws have a significant effect on loan losses and that the existence of a deficiency judgment affects the incentive conflict between lender and insurer. Copyright 1990 by Ohio State University Press.