Erik Reuter wrote:
>
> On Wed, Jan 01, 2003 at 03:15:08PM -0600, Dan Minette wrote:
> > Since the US government picked up the tab, no one minded.
>
> How did that work? Did the government buy the home the homes for the
> cost of the mortgage from the mortgage holders? How was that arranged
> (i.e., what reason did the government give for the intervention?)
There were defaults, lending institutions went down, the government took
over to try to keep the system at least minimally afloat, and gradually
managed to get the problem sorted out. I think a number of people
managed to pick up some nice real estate cheaply as a result of the
government holding it and wanting to be rid of it.
There were offices handling this stuff in Houston and Dallas, and maybe
in other Texas cities as well. Dan got a short temp job for a bit
merging the paper files for the offices from two different areas in
Texas in the summer of 1988, when the worst of it was over and they
didn't need as many offices to handle the paperwork. (This is how I'm
sure of there having been a Dallas office.)
Julia
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