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Underwater mortgages and mortgage default risk in a recourse market

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Dutch Hous<strong>in</strong>g Market<br />

Maximum loan amount <strong>and</strong> proportion of guarantees<br />

Schilder & Francke (UvA/ASRE/Ortec) <strong>Underwater</strong> <strong><strong>mortgage</strong>s</strong>/<strong>mortgage</strong> <strong>default</strong> <strong>risk</strong> ERES 2012 8 / 36

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