This paper empirically and theoretically analyzes the effect of debt reductions that reduce long-term but not short-term obligations. Isolating the effect of future…
RR07-10: In recent years, housing has all but disappeared from national-level debate except for occasional discussions of a possible housing “bubble” and the all-too-…
BABC 04-7: Little systematic work exists to address the many and varied ways some borrowers end up with subprime mortgages and to what extent those loans serve the true…