问一道题：NO.PZ2018062020000028

问题如下：

Which of the following statements is correct concerning mortgage loan defaults?

选项：

A non-recourse jurisdiction poses higher default risks for lenders.

In a non-recourse jurisdiction, strategic default will not affect the defaulting borrower’s future access to credit.

When a recourse loan defaults, the mortgaged property is the lender’s sole source for recovery of the outstanding mortgage balance.

解释：

A is correct. In non-recourse loan jurisdictions, the borrower may have an incentive to default on an underwater mortgage and allow the lender to foreclose on the property because the lender has no claim against the borrower for the shortfall. For this reason, such defaults, known as strategic defaults, are more likely in non-recourse jurisdictions and less likely in recourse jurisdictions, where the lender does have a claim against the borrower for the shortfall.

B is incorrect because strategic defaults in non-recourse jurisdictions do have negative consequences for the defaulting borrowers in the form of a lower credit score and a reduced ability to borrow in the future. These negative consequences can be a deterrent in the incidence of underwater mortgage defaults.

C is incorrect because when a recourse loan defaults, the lender can look to both the property and the borrower to recover the outstanding mortgage balance. In a recourse loan, the lender has a claim against the borrower for the shortfall between the amount of the outstanding mortgage balance and the proceeds received from the sale of the property.