 | Local Housing Market Cycle and Loss Given Default: Evidence from Sub-Prime Residential Mortgages Author/Editor: Yanan Zhang, Lu Ji, Fei Liu. Release Date:July, 2010 This paper studies the impact of housing market cycles on loss given default (LGD). Previous studies have shown that the current loan-to-value ratio (CLTV) is the most important determinant of LGD. more...
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