In the first case, we get the local default rate and the limit of credit spreads of zero-coupon bonds at time zero.

在第一种情形下，我们得到了局部违约率以及相应的零息债券在零时刻的信用利差的极限。

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The likelihood of strategic default rises more quickly once the rate of local home foreclosures reaches a critical level.

一旦当地的收房率达到临界水平，策略性违约的可能性就会大幅上升。

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