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A loan the collateral for which is a house or other real estate. I would not have thought this term needed to appear in a glossary of international economics, until 2008 when we learned that mortgage-backed securities had been traded internationally and were contributing to the global financial crisis when borrowers defaulted.

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Secteur d’activité/Domaine : Economie
Catégorie : Economie internationale
Company: University of Michigan
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