There was a commentor at OTB who, at great length, appeared to be saying that 90% of people do not have to pay their mortgages. It won’t be long now that it will be a chapter in one of those books about how you really don’t have to pay your income taxes.
He may have a point. Right now you in New York and New Jersey you can be delinquent for nearly two years without being foreclosed on. The foreclosure pipeline in those two states is more than 50 years long and most of the outflow is going back into delinquency.
There was a commentor at OTB who, at great length, appeared to be saying that 90% of people do not have to pay their mortgages. It won’t be long now that it will be a chapter in one of those books about how you really don’t have to pay your income taxes.
He may have a point. Right now you in New York and New Jersey you can be delinquent for nearly two years without being foreclosed on. The foreclosure pipeline in those two states is more than 50 years long and most of the outflow is going back into delinquency.
Failure to promote market clearing pricing/terms is horrific policy. Seductive policy, but bad.