2012-11-15 —

If anything, the above figure is too optimistic. Hedberg and Krainer also compared returns to the market for homeowners who defaulted or were otherwise "seriously delinquent" in 2008 to those in the same boat in 2003 or 2001. You might think that those who defaulted in the crisis would get a break from lenders, given that so many people are in that situation. Nope. Despite rock-bottom interest rates, 2008 defaulters are returning to the market far more slowly than their counterparts in previous years:

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