Accounting for Mortgage Charge-offs in the Financial Accounts of the United States
Posted: 16 Dec 2014
Date Written: October 31, 2014
The level of outstanding home mortgage debt in the United States has declined about $1.5 trillion, or 13 percent, since its peak six years ago. This large drop in mortgage debt has been the primary driver of the reduction in household liabilities often referred to as "household deleveraging" and frequently measured by statistics such as aggregate household debt relative to income.
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