Collateral Damage: How Refinancing Constraints Exacerbate Regional Recessions
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In the current structure of the U.S. residential mortgage market, a fall in property values may make it very difficult for homeowners to refinance their mortgages to take advantage of falling interest rates. In this paper, we explain the institutional background for this effect and quantify its
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美国国家经济研究局创建时间：
1993-11-01
