than less. Suppose that a household plans to finance a given housing purchase through a preferred future mortgage path. If … that mortgage path violates a new amortization requirement, the household can still achieve its preferred mortgage path … the mortgage rate, because then the excess borrowing is costless. But even if the savings interest rate is less than the …

levels of outstanding mortgage debt (Dynan, 2012) - seems to be taken for granted by macroprudential authorities in several …