The net effect was that debtor countries fell into severe recession-Latin America lost a decade of growth-but the banking system was allowed to earn its way out of a hole.
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Prev: Earlier this month, the government changed some of the rules about how mortgage defaulters' debt is calculated, and how much banks can deduct from debtors paychecks.
Next: About two-thirds of that decline reflects default, as banks foreclosed on delinquent debtors or borrowers ran away.
