Ethan Ilzetzki on the International Implications of Fed Policy, Business Cycle Theory, and the UK Crisis
Macro Musings with David Beckworth
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Is There a Forbearance Plan?
In the UK, fixed rate of mortgages are only available up to a duration of five years. The average UK household or homeowner has to refinance their mortgage every three years. This means that the UK with almost certainty is going to face a mortgage affordability crisis this winter. In Australia, for example, it was entirely voluntary by the banks.
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