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down payments, the life-cycle profile of home ownership, and the mortgage default rate. In addition, we show that the …
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can affect household decisions through the cost of new mortgage borrowing and the value of payments on outstanding debt …
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Using a model with housing search, endogenous credit constraints, and mortgage default, this paper accounts for the …
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the Federal Home Ownership and Equity Protection Act (HOEPA) by including home purchase and open end mortgage credit, by …
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