“The majority of those foreclosed on and who sold short would have become clean potential buyers in 3 to 7 years ensuring a housing recovery was not only on deck but would be ‘durable’. Millions of legacy HELOCs and HELOANs preventing folks from rebuying real estate indefinitely would have been exterminated making millions more potential buyers within 2 to 5 years. Bottom line, history will not be kind to loan mods and workouts. It will show that modifications, anti-foreclosure laws, banks protecting their HELOC assets — in general, unabated can-kicking — was responsible for housing to remain in a depression for years longer than it would have.”
http://mhanson.com/archives/1298
Related posts:
To protect restaurants, D.C. may curb food trucks
Ron Paul: Will Congress Endorse Obama's War Plans? Does it Matter?
Cypriot Chaos Assists EU Centralization
The Plight of the Russian Taxpayer
Anthony Gregory: Gun control and the security illusion
The Deeper Meanings of Cyprus
Hero Joseph Nacchio Is Released from Jail
4 More Drones! Robot Attacks Are on Deck for Obama’s Next Term
Did you miss your IRS agent today?
Steve Gibson: The Lesson of Lavabit
Peter Schiff: The Golden Cycle
Body Cameras Are for the Benefit of Prosecutors, Not You
Bill Bonner: What a wicked world!
Ex-Black-Market Employee Believes Feds Only Woke A Monster
Bill Bonner: It's about geo-politics!