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mortgages through maturity transformation and can raise liquidity by selling loans on secondary markets. In particular, we … default risk with higher interest rates on mortgages. Interestingly, the banking system is not necessarily less stable at …
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The study investigates factors associated with mortgage usage and the share of income that Chinese use for mortgage payments. Using data from the 2010 China Family Panel Study, we found mortgage usage shows a hump-shaped income effect. Workers in government-controlled nonprofit institutions are...
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The financial collapse of Fannie Mae and Freddie Mac in 2008 led to one of the most sweeping government interventions in private financial markets in history. The bailout has already cost American taxpayers close to
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Biographical note: Susan M. Wachter is Richard B. Worley Professor of Financial Management and Professor of Real Estate and Finance at The Wharton School of the University of Pennsylvania and Professor of City and Regional Planning at PennDesign. She codirects the Penn Institute for Urban...
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