In an earlier post I suggested that one reason Canada has avoided the worst of America's financial crisis is that in Canada, if a homeowner defaults on a mortgage, the lender can go after assets other than the house. Now John Hempton has a post about the Australian economy noting that while real estate in Australia is "overpriced," in the case of defaults lenders there (as in Canada, but not in America) have "recourse" to the other assets of individuals.
The Australia Housing Market
https://www.futureofcapitalism.com/2009/06/the-australia-housing-market
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