a b s t r a c tThis paper studies loss given default using a large set of historical loan-level default and recovery data of high loan-to-value residential mortgages from several private mortgage insurance companies. We show that loss given default can largely be explained by various characteristics associated with the loan, the underlying property, and the default, foreclosure, and settlement process. We find that the current loan-to-value ratio is the single most important determinant. More importantly, mortgage loss severity in distressed housing markets is significantly higher than under normal housing market conditions. These findings have important policy implications for several key issues in Basel II implementation.Published by Elsevier B.V.
The seeming "dual nature" of ionic liquids (ILs) for separating both apolar and polar compounds suggests that ILs may have a great potential for complex samples like essential oils from herbal plants that contain a great variety of compounds. In the present work, a geminal dicationic IL, 1,9-di(3-vinylimidazolium)nonane bis[(trifluoromethyl)sulfonyl]imidate, was investigated for this purpose. To find the best way to achieve satisfactory separations simultaneously for the compounds in essential oils, the dicationic IL was used as the stationary phase for capillary gas chromatography (GC) in two ways, either in its pure state or as a mixed stationary phase with monocationic ILs and a polysiloxane diluent. Interestingly, it was found that the mixed stationary phase exhibited a much better selectivity for polar and nonpolar compounds than either the dicationic IL or the polysiloxane, suggesting that a kind of synergistic effect occurred when these stationary phases were combined in the way described. A comparison with two commercial stationary phases (polar and nonpolar) indicated that this novel mixed stationary phase behaved in a way closer to a polar stationary phase in terms of selectivity and elution order. The present work demonstrates that the mixed stationary phase is efficient and selective and can be an alternative choice for the GC analysis of samples of complex composition.
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