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dc.titleDelinquency and default in ARMS: The effects of protected equity
dc.contributor.authorTEO HWEE LOON, ALAN
dc.identifier.citationTEO HWEE LOON, ALAN (2005-10-22). Delinquency and default in ARMS: The effects of protected equity. ScholarBank@NUS Repository.
dc.description.abstractThis research takes advantage of the use of compulsory retirement savings to finance the purchase of housing in Singapore and the regulatory protection conferred to the savings used to conduct a natural experiment to investigate the role of government and the role of protected borrower equity in controlling mortgage risk. Simultaneously, we postulate mortgage delinquency as a necessary decision before the default decision such that motivations for delinquency exert significant influences on subsequent motivations for default. We find that increasing the use of protected borrower equity at loan origination increases the risk of default, but the risk decreases as the protected equity is built up over time. We also find that the relationship between delinquency and default is highly significant and should thus be included in subsequent default risk modeling. Finally, previous delinquency experiences may push mortgage loans towards repeated delinquency and more significantly, towards subsequent default.
dc.subjectProtected Equity, Default, Delinquency, Adjustable-rate Mortgages, Bivariate Probit
dc.contributor.departmentREAL ESTATE
dc.contributor.supervisorONG SEOW ENG
dc.description.degreeconferredMASTER OF SCIENCE (ESTATE MANAGEMENT)
Appears in Collections:Master's Theses (Open)

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