caa a22 4500 445316675 CHVBK 20180317142650.0 cr unu---uuuuu 170323e20110501xx s 000 0 eng 10.1007/s11146-010-9273-0 doi (NATIONALLICENCE)springer-10.1007/s11146-010-9273-0 Leverage and Mortgage Foreclosures [Elektronische Daten] [James Kau, Donald Keenan, Alexey Smurov] In this paper, we deduce the default and prepayment characteristics of mortgages by examining the actual behaviors of a large set of conforming fixed rate mortgages tracked over time. Employing reduced form pricing techniques, we are then able to fully value such mortgages, and so determine the cost as well as the probability of default for any particular mortgage. The analysis reveals the levels of foreclosures that can be expected when loans are leveraged at the high loan-to-value ratios characteristic of recent years. Springer Science+Business Media, LLC, 2010 Mortgage nationallicence Default nationallicence Leverage nationallicence Kau James Department of Insurance, Legal Studies and Real Estate, Terry College of Business, University of Georgia, 298A Brooks Hall, 30602-6255, Athens, GA, USA aut Keenan Donald Department of Economics, University of Georgia, 510 Brooks Hall, 30602, Athens, GA, USA aut Smurov Alexey Federal National Mortgage Association (Fannie Mae), 3900 Wisconsin Avenue, 20016-2892, NW Washington, DC, USA aut The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/4(2011-05-01), 393-415 0895-5638 42:4<393 2011 42 11146 https://doi.org/10.1007/s11146-010-9273-0 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.1007/s11146-010-9273-0 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Kau James Department of Insurance, Legal Studies and Real Estate, Terry College of Business, University of Georgia, 298A Brooks Hall, 30602-6255, Athens, GA, USA aut NATIONALLICENCE 700 1- Keenan Donald Department of Economics, University of Georgia, 510 Brooks Hall, 30602, Athens, GA, USA aut NATIONALLICENCE 700 1- Smurov Alexey Federal National Mortgage Association (Fannie Mae), 3900 Wisconsin Avenue, 20016-2892, NW Washington, DC, USA aut NATIONALLICENCE 773 0- The Journal of Real Estate Finance and Economics Springer US; http://www.springer-ny.com 42/4(2011-05-01), 393-415 0895-5638 42:4<393 2011 42 11146 Metadata rights reserved Springer special CC-BY-NC licence nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-springer