Does Junior Inherit? Refinancing and the Blocking Power of Second Mortgages
研究美国各州法律中抵押贷款的时间优先规则如何阻碍高级抵押贷款的再融资，尤其是小额贷款和接近合规贷款限额的贷款，同时发现该规则增加了第二抵押贷款的价值。
In most U.S. states, mortgage seniority follows time priority: older mortgages are paid first. This potentially impedes refinancing of senior mortgages because replacement mortgages are junior unless the existing junior lienholders consent to resubordination. We exploit legal variation across states to provide evidence that time priority reduces refinancing, especially of smaller mortgages (suggesting a significant fixed cost of obtaining resubordination) and of mortgages close to the conforming loan limit. On the contrary, we find evidence that time priority renders second mortgages more valuable to lenders, increasing the likelihood that a borrower obtains a second mortgage. Received May 20, 2013; editorial decision June 8, 2016 by Editor Laura Starks