Brueckner, Jan K.; Calem, Paul S.; Nakamura, Leonard I. - Federal Reserve Bank of Philadelphia - 2015
August 2013, Revised December 2014 Rapid house-price depreciation and rising unemployment were the main drivers of the huge increase in mortgage default during the downturn years of 2007 to 2010. However, mortgage default was also associated with an increased reliance on alternative mortgage...