Strategic defaulters opt to continue paying on second liens

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Tracking down strategic defaulters to collect the second lien. For many, escaping onerous mortgage payments on negative equity properties lifts. choose to initiate foreclosure and, subject to state law, pursue any remaining.

There is an exchange-traded note that simulates this strategy. pay the amount corresponding with the above strategy. As such, there is actually a risk of default here. However, Credit Suisse is one.

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Tracking down strategic defaulters to collect the second lien. In addition to the impact on servicers, lenders and investors, strategic defaults affect numerous other parties. These defaults adversely affect neighborhood property values because they lead to excess inventory and property deterioration.

2 Background: The Strategic Default Decision When the price of housing falls, mortgage borrowers may nd default an attractive option compared to paying a premium to stay in their home even if they can aord to keep paying. The following two-period model, which we borrow from Foote et al. (2008), illustrates this concept.

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2015] SECOND LIENS AND THE LEVERAGE OPTION 1245 economy.1 Borrowers bid up the price of housing using borrowed funds, and when the housing market collapsed, many borrowers found themselves "underwater" with no equity in their homes and subsequently defaulted on their loans.2 The effects of these defaults

The data contradict the hypothesis that consumers would strategically default on a second lien and keep their first lien current to reduce their monthly payment and thus avoid a foreclosure, the.

Wow, this is generating a lot of discussion! Few banks are willing to consider a modification if you are able to continue to pay. At the end of the day, Walkaway, or Strategic default is defined in this sense by people having no issue paying, but deciding not to anyway Example, John buys a house in 2006 for $200,000.

In some cases, borrowers have second liens. this option. Citigroup’s program goes further. It targets delinquent homeowners who do not qualify for mortgage relief. During the time the borrower is.

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