Pricing Mortgage Default and Foreclosure Delay
扩展了现有抵押贷款定价模型，考虑违约与止赎之间的延迟对借款人违约价值和投资者抵押贷款价值的影响，并分析了FHA保险项目的政策含义。
This paper extends current mortgage pricing models to recognize the impact that delays between default and foreclosure have on the value of default to the borrower and the resulting value of the mortgage to investors. The model explicitly captures potential costs (through postforeclosure deficiency judgments) and benefits (in the elimination of negative equity and 'free' rent) that must be weighed at the time of default in determining whether the ultimate put option (via allowing foreclosure) is in-the-money. The results provide policy implications concerning the operation of the FHA insurance program. Copyright 1997 by Ohio State University Press.