Resolving Residential Mortgage Distress: Time to Modify?
By:Mr. Jochen R. Andritzky
Published on 2014-12-17 by International Monetary Fund
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, resolution policies may need to be adapted to help contain negative feedback loops while minimizing overall loan losses and moral hazard. Drawing on recent experiences from Iceland, Ireland, Spain, and the United States, this paper discusses how economic trade-offs affecting mortgage resolution differ in crises. Depending on country circumstances, the economic benefits of temporary forbearance and loan modifications for struggling households could outweigh their costs.
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Book which was published by International Monetary Fund since 2014-12-17 have ISBNs, ISBN 13 Code is 9781498386272 and ISBN 10 Code is 149838627X
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