Commercial Mortgage Delinquency, Foreclosure and Reinstatement

Table 4b - Loan OutcomeNever DelinquentForeclosedUnresolvedLTV -0.6440 ** 0.9353 ** 0.0104(0.282) (0.344) (0.441)DCR 0.0422 * -0.0169 *** -0.0097 **(0.022) (0.004) (0.005)Rate 0.1416 * 0.2258 * 0.0592(0.080) (0.131) (0.140)OSB -0.0109 0.0069 -0.0187(0.012) (0.019) (0.025)Spread -1.3979 ** -0.3599 -0.7912(0.407) (0.683) (0.771)Guarantee 0.1410 -1.6399 ** -0.7999(0.425) (0.609) (0.618)Constant 1.6983 * -0.8153 1.0641(0.977) (1.561) (1.664)Pseudo R-squared 12.09%Notes:The estimation method is multinomial logit, where the dependent variable is the loan'soutcome. Possible outcomesare never delinquent, foreclosed, unresolved or reinstated.The excluded outcome is reinstated, so reported values are relative to that alternative. Theindependent variables are measured as of November 1996 (the first date in the observationwindow) or as of the initiation date for loans initiated after November 1996. Sample includesall loans. The number of observations is 1394, of which 1214 are never delinquent, 52 areforeclosed, 34 are unresolved and 94 are reinstated. Standard errors are in brackets belowthe coefficients and the significance levels of 10%, 5% and 1% are indicated by *,** and ***.