Resolving Residential Mortgage Distress: Time to Modify

2017-04-14T01:45:31-04:00March 11, 2015|

By Jochen Andritzky

(Versions in Español)

In housing crises, high mortgage debt can feed a vicious circle of falling housing prices and economic slowdown. As a result, more households default on their mortgages and the crisis deepens.  A new IMF Working Paper studies the differences in the housing crises and policy responses in Iceland, Ireland, Spain, and the United States, and argues that crisis policies geared to provide temporary debt service relief […]