Series: IMF Working Papers
Author(s): Jochen Andritzky
Publisher: INTERNATIONAL MONETARY FUND
Publication Date: 17 December 2014
Keywords: Debt overhang, foreclosure, housing crisis, mortgage distress, loan restructuring, mortgage, household debt, loan, Government Policy and Regulation,
In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and declining consumption and incomes, leading to higher mortgage defaults and deeper recessions. In such situations, resolu...