Ghent, Andra C. and Kudlyak, Marianna, "Recourse and Residential Mortgage Default: Theory and Evidence from U.S. States" (July 10, 2009). Federal Reserve Bank of Richmond Working Paper No. 09-10. The authors classify eleven states (Alaska, Arizona, California, Iowa, Minnesota, Montana, North Carolina, North Dakota, Oregon, Washington, and Wisconsin) as nonrecourse. The authors also discuss the reasoning for this classification on a state-by-state basis. In several of the nonrecourse states some form of recourse is available but impractical due to lengthy and expensive judicial proceedings, jury trials, and extended redemption periods.
