- Restrictions on Access:
- Restricted (Penn State Only).
- This dissertation explores the interaction between housing externalities and the behavior of secondary mortgage market participants with a focus on private-label residential mortgage backed securities (RMBS) and mortgage servicers. I consider the market structure of mortgage servicing of property markets and how it impacts the performance and outcomes of borrowers, which is then associated with second-order effects with respect to local house prices and RMBS deal performance. The hypotheses that are tested empirically follow from models that incorporate the presence of foreclosure spillover and feedback loops in the decisions to pursue modifications and foreclosures. Lastly, I examine the determinants of the market structure for mortgage servicing and whether it is optimal for maximizing the performance of mortgages and if not why not. As a result, this study raises a specific concern about the diversification of loan pools geographically because it contributes to the construction of riskier property markets by mortgage servicing.
- Dissertation Note:
- Ph.D. Pennsylvania State University 2019.
- Technical Details:
- The full text of the dissertation is available as an Adobe Acrobat .pdf file ; Adobe Acrobat Reader required to view the file.
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