Lender Forbearance: Evidence from Mortgage Delinquency Patterns
研究了住宅抵押贷款在止赎前违约时长的决定因素，发现借款人权益状况及其恶化、破产和VA担保会延长违约期，而市场利率上升会缩短固定利率贷款的违约期。
The length of time that residential mortgages remain in delinquency prior to foreclosure is examined using an Accelerated Failure Time (AFT) model and a database of 207 foreclosed conventional and Veteran's Administration (VA) mortgages. The results suggest that the primary factors influencing the timing of the lender's foreclosure decision are the borrower's equity position and the erosion of that position with continuing delinquency. Borrower bankruptcy and VA guarantees also lengthen the delinquency period. Delinquency periods for fixed rate mortgages (FRM) decrease when the market interest rate increases.