Second Liens and the Holdup Problem in Mortgage Renegotiation
NBER Working Paper No. 20015
---- Acknowledgements ----
The authors would like to thank Fredrik Andersson, Gadi Barlevy, Ted Durant (MGIC), Ronel Elul, Christopher Foote, Karen Furst, Dennis Glennon, Bruce Krueger, Mark Levonian, Amit Seru, and seminar participants at the OCC, FIRS, and AREUEA (Chicago) for helpful comments and suggestions. Ben-David's research is supported by the Neil Klatskin Chair in Finance and Real Estate and by the Dice Center at the Fisher College of Business. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research, the Federal Reserve System, the Federal Reserve Bank of Chicago, or the Office of the Comptroller of the Currency.