Very, very said as we approach the day of reckoning with a tsunami of foreclosed homes.
I suspect that, as large investors work to arbitrage and clear the incredible surplus of homes (how this surplus developed is an important insight into the our future as a society based upon our decisions as individuals about the role of the state) I would anticipate (as would Kling) that the gap between old fashioned and modern lending will resolve itself - I hope that courts are allowed to referee the disputes and our legislative and executive branches do not.
Foreclosure "scandal" again, Arnold Kling | EconLog | Library of Economics and Liberty
Monday, October 18, 2010
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