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Analysis of Re-advanceable Mortgages

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Figure

Figure 2.1: Promotional material for the Smith Manoeuvre (see [25]).
Figure 2.2: The ratio of home equity line of credit principal to the original mortgage amountversus time.
Figure 2.3 is a plot of 15 sample paths of GBM with drift 8% (µ = 0.08), volatility 20%
Figure 2.5: (Left panel is a payoff time distribution of a 25-year fixed-rate mortgage withmortgage interest rate and line of credit rate of 6%, µ = 0.08 and σ = 0.20
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Income Tax Rate E ff ect Job Loss and Mortgage Default Sensitivity of Investment Capital Sensitivity to mortgage rate, r , the line of credit rate, i and time, t Sensitivity to drift, µ and volatility, σ A comprehensive set of figures Fixed-rate Mortgage and Housing Price Model Stochastic Interest Rate and Housing Price Model

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