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Phasing Out the GSEs

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NBER2015-10-01 更新2025-01-04 收录
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We develop a new model of the mortgage market where both borrowers and lenders can default. Risk tolerant savers act as intermediaries between risk averse depositors and impatient borrowers. The government plays a crucial role by providing both mortgage guarantees and deposit insurance. Underpriced

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2015-10-01
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