The Performance of Low‐Income and Minority Mortgages
分析了大样本固定利率常规抵押贷款中低收入和少数族裔贷款的表现，发现低收入借款人提前还款较少，黑人和西班牙裔借款人提前还款更慢，且这些贷款违约率略高但损失严重性与其他贷款相近。
This article analyzes the performance of low‐income and minority mortgages (LIMMs) from a large sample of fixed‐rate conventional conforming mortgages. We find that low‐income borrowers are less likely to prepay when it is optimal, whereas black and Hispanic borrowers prepay more slowly than other borrowers, regardless of the option's value. After controlling for equity, credit history and some other variables, LIMMs default slightly more frequently and have about the same loss severity as other loans. Our results suggest that, for most yield curve situations, differences in LIMM prepayment behavior have little effect on pricing.