Rising delinquencies in subprime mortgages may force foreclosures. Is it .......
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It is exactly what the american model stands for. If there were no right for the lender to foreclose, no one would take a mortgage as collateral. Here is an example, I used to live in NJ and they decided that it was unfair to evict people who did not pay rent. They made it very difficult to get rid of tenants who did not pay. What did the apartment owners do? They made it much more difficult to rent an apartment, of course. How did that help the tenant who has marginal or no credit but pays his rent on time?
Why is that un-American? If I loaned you money for a home and you didnt pay me back, I'd want my home back no matter how patriotic I am. You buy, you pay, why should it be free?
Foreclosures are already at an all time high right now. So are you saying people should be able to live in their home for free, thereby screwing the person who was kind enough to make the loan?
Im glad you arent my friend.
M
hmmmmm such issues would never come up in Korea, Cuba or other third world countries. Maybe it would be un-american to not adopt their ways.
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