A Depressing Scenario: Mortgage Debt Becomes Unemployment Insurance
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When asset values fall, the owners of collateralized loans are not in an enviable position. Nonetheless, they possess a kind of monopoly power over their borrowers that they do not possess when borrowers are solvent. Lenders maximize profits by price discriminating, but create deadweight costs in
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美国国家经济研究局创建时间：
2008-11-01
