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Mortgage Modification and Strategic Default - Stanford Law School

Mortgage Modification and Strategic Default - Stanford Law School 2025

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The document presents a seminar paper titled 'Mortgage Modification and Strategic Default: Evidence from a Legal Settlement with Countrywide' by Edward Morrison and colleagues. It analyzes the strategic behavior of homeowners in response to mortgage modification programs, particularly following a legal settlement that required Countrywide Financial to offer modifications to delinquent subprime mortgage borrowers. The study finds that the announcement of the settlement led to a significant increase in delinquency rates among Countrywide borrowers, especially those who were less likely to default otherwise, indicating that strategic defaults were influenced by the prospect of obtaining loan modifications. The findings highlight challenges in designing effective mortgage modification policies due to potential borrower manipulation.

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