FHA Terminations: A Prelude to Rational Mortgage Pricing
估计了FHA贷款的提前还款和违约函数，作为开发修正的期权定价模型的第一步，帮助理解借款人行为与市场交易者的差异。
Recent models of pricing mortgages and/or mortgage insurance have used option‐pricing models as their framework. The focus is usually on default, which is viewed as a put option (to sell the house to the lender in exchange for the mortgage) and prepayment, which is viewed as a call option (to buy the mortgage from the lender). Analysis then uses techniques like those used to price options in capital markets. Unfortunately, homeowners do not seem to exercise their option as quickly as do traders in organized markets. We estimate prepayment and default functions, which are meant to be a first step in developing modified, option‐based models of mortgage pricing.