> There are already a non-trivial number of vacant houses.
>
> Even with no foreclosure and no flaky mortgage deal, lots of
>
> people have an incentive to walk away from their mortgages.
>
> ("jingle mail"), sticking the mortgagor with the capital loss.
>
>
>
> By the way I bought one of your books the other day (used).
> Socioeconomic something or other.
>
>
>
>
> > One important angle is the need to minimize the time houses are vacant
> as
> > a result of foreclosure. You get bad neighborhood ripple effects,
> further
> > problems.
>
> I think the way to solve that problem is simply to stop foreclosures
> altogether. Have a moratorium on foreclosures, like in 26 states in
> the Great Depression (and upheld by the Supreme Court), and figure out
> some way to write down the value of the mortgages to "non-bubble"
> prices. In the meantime, no "bad neighborhood ripple effects".
>
> Fred
>
>
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