1.As striking as the household debt was in the United States from 200 to 2007, the increase was even larger in ------------------Blank 1, --------------Blank 2, -------------Blank 3, the United Kingdom, -----------Blank 4, Portugal and the Netherlands.

2. Any household held _________________ coming into the great recession had a fantastic hedge against economic collapse.

3.The mortgage lender has the ______________________ claim on the home and is therefore protected if the house price declines.

4. For many household during the Great Recession, the value of their homes dropped below the amount still owed on the mortgage. Faced with this dire circumstance, home owners could either stay in their homes and owe the bank more than their homes were worth, or walk away and let the bank ____________.

Use

House of Debt: How they (and you) caused the great recession, and how we can prevent it from happening again.

Atif Amin and Amir Sufi

University of Chicago Press