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"This paper analyzes the performance of the commercial mortgage-backed security (CMBS) market before and during the … mortgage market) the loans underlying CMBS did not significantly change their characteristics during this period, commercial …
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. At the same time, they increase household leverage and heighten dependence on mortgage refinancing to escape changes in …
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In the summer of 2007, the subprime empire that Wall Street had built all came crashing down. Banks like Countrywide and non-banks such as New Century Financial--all financed by Bear Stearns, Goldman Sachs, Merrill Lynch, Lehman Brothers and others--were in danger of closing, or actually...
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