PDF-1IntroductionInthispaperwedocumenttheconnectionbetweendeclinesinborrow

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1ForexampleseeBrennanandSchwartz1985GreenandLaCourLittle1999SchwartzandTorous19892 Subprimeloansorloanstoborrowerswithhighexantedefaultprobabilitieswereoriginallyconceivedascreditrepairloa

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