with search in the housing market and defaultable long-term mortgages. In equilibrium, both sellers' asking prices and time …-to-sell increase with the relative size of their outstanding mortgages. In turn, the liquidity of the housing market associated with …

Looks at the problem of endowment assurances that do not meet their targets to repay residential mortgages. By … problems and other problems arising from the use of endowment assurances to repay mortgages which we identify but do not … analyse in detail. The failure of such a major method of repaying mortgages to perform in line with expectations will have …