The duration of foreclosures in the subprime mortgage market
Subtitle: a competing risks model with mixing
By: Anthony Pennington-Cross
Series: Working paper -- 2006-027A; Working paper (Federal Reserve Bank of St. Louis : Online) -- 2006-027A.
Publisher: Federal Reserve Bank of St. Louis
Published: 2006
Place of publication: St. Louis, Mo.]
Language: eng
Format: [electronic resource] :
Description: "This paper examines what happens to mortgages in the subprime mortgage market once foreclosure proceeding are initiated.  A multinominial logit model that allows for the interdependence of the possible outcomes or risks (cure, partial cure, paid off, and real estate owned) through the correlation of associated unobserved heterogeneities is estimated.  The results show that the duration of foreclosures is impacted by many factors including contemporaneous housing market conditions, the prior performance of the loan (prior delinquency), and the state-level legal environment"--Federal Reserve Bank of St. Louis web site.
Notes: Title from PDF file as viewed on 6/15/2006.

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