202 However, as creditor protection of mortgage laws significantly differs across ss tt aa tt ee ss s( eGehme ns tm, 2o0r e1 4s u) , i taa bs cl eo rt oe at hs saet sds ecvrieadt ei tso rb eptrwo teeecnt i oc rneidni ttohre pUrnoitteecst iSot na t ea sc .r o s s We report the creditor friendliness scores for all US states constructed by Ghent i5n. 2P apnr oe vl iAd eosf Tt ha eb l ec r5e .d2i taonr d- f rvi iesnuda ll ii nz ee stsh es sc eo rsecso roef s si tna tFei sg ui nr e o5u. 2r . sPaamn pe ll eB aof ft eTra bwl ee applied all our filters. The majority of the tranche’s collateral in our sample (o9f 23. .4T7w%o) si st al toecsa ti ne do iunr Csaalmi f oprl en ,i aG, ewo irtghi aa ar ne lda tTi ve xe ahsi, grhe cc er ei vdei dt otrh- fer iheing dh lei snte ss cs osrceo roef 4r e, l caot imv ep lroi swi nfgr i e0 n. 1d2l %i n eas ns ds c0o.r9e6o%f 2r ef os pr eFcl toi rviedl ay. (T4h. 3e5 r%e m) , aL ionui ni sgi asntaa t(e0s. 2r8e%c e)i ,vNe de wa Jreurns eryo b( 0u.s3t7n%e s)s, Na neawl yYsoe rs k( s( 1e e. 3 6s e%c t)i, oann d5 .O6 .h4i)o i(n0 .w0 9h%i c h) . wToe arvaoniddosma ml y prl ee dbui caes , twh ee t6r4a.n7c9h%e s owf i tt hh ee xt rpaonscuhree’ st oe xCpaol isf ourrnei at.oFoCra lei fxoarmn ipal, e 2, 0r e. 3s5u%l t i ntgo i nF l ao rsi da ma palnedwtiht he r(1em.30ai%ni)n, gGetoorNgeiaw(0Yo.5r8k%(6).a3n5d%O),hTioex(a0s.4, (34%.4)7. %), New Jersey (1.73%), Louisiana 5.5.3 Control Variables To control for features of the underlying RMSB deal we include a number of ct roanntcr ho el ; vnaur mi a bb leers :o ft rt ar annc chhe e sa ni nd at rcaonrsraecstpi oo nn d si ni zge ;R Ms uBbSo rddeianl a; tni ounm bl eevr eol f ocfr etdhiet rgaetoi ng rga pa shsi ci g nd ei sdp et or s itohne ot rf a tnhceh eu; ntdheer l tyrianngc hc oe ’l sl a tceoruapl ;o ny e raar t eo;f si iszseu aonf cteh; ea ni sds utehre; av va er iraabglee hdoi sut sr ieb uptriiocne s aanrde pGrDePs einnt ead gi ni v ePna nset la tAe .oTf hTea bdl ee s5c.r1i .p t i v e s t a t i s t i c s a n d Log Tranche Value is the natural logarithm of the par value of a tranche at issuance. The mean Log Tranche Value in our total sample is 17.20. Subordination Level is the level of
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