The Termination of Subprime Hybrid and Fixed-Rate Mortgages
研究了次级抵押贷款中混合型贷款（前2年固定、后28年浮动）的终止概率，发现其在首次调整前就很高，且对利率和低首付敏感，这种组合触发了2007/2008年次贷危机。
Adjustable-rate and hybrid loans have been a larger component of subprime mortgage lending in the mortgage market than prime lending. The typical adjustable-rate loan in subprime is a hybrid of fixed and adjustable characteristics in which the first 2 years are fixed and the remaining 28 years adjustable. Hybrid loans terminate at elevated probabilities even before the first adjustment date. Hybrid loan terminations are sensitive to interest rates and teaser rates (payment shocks). Default probabilities increase dramatically when payment shocks are mixed with low or no equity in the home. This is the mixture of events that helped to trigger the 2007/2008 subprime mortgage crisis.