-
Article
Collateral Risk in Residential Mortgage Defaults
This paper presents a systematic framework for capturing the collateral-driven mortgage default risk. A forward-looking home price distribution model is developed that explicitly incorporates different sources...
-
Article
Appraisals, Transaction Incentives, and Smoothing
This article is structured around three principal objectives. The first is to determine whether any incentives for appraisals support an underlying purchase offer, which may be termed a transaction bias. Appra...
-
Article
An empirical analysis of property appraisal and mortgage redlining
The recent literature advances a hypothesis that addresses the possibility of mortgage redlining caused by a dynamic information externality in property appraisals and mortgage lending. In particular, Lang and...
