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The negative economic impacts cited in this report could also be significantly contained if mortgage holders, including holders of mortgage backed securities, and loan servicers could agree to new payment terms with families who have the ability to pay, but were placed in inappropriate mortgage products. Such actions will help to lessen the number of foreclo- sures thereby avoiding the further negative effects on local housing markets and on the broader economy.

Table A2: Loss Due to Mortgage Crisis of Gross Metropolitan Product, 2008

Global Insight

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