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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: Haim R. Branisteanu who wrote (89632)11/3/2008 2:09:07 PM
From: Elroy Jetson8 Recommendations  Read Replies (1) of 116555
 
You wear your ignorance like a badge of honor.

George Soros points out the obvious - that mortgage losses will be smaller if the mortgage balance is adjusted down closer to the value of the house rather than foreclosing.

But Soros believes this type of retroactive change to a contract is unConstitutional, yet essential to limit losses, so some way has to be found to achieve this.

The obvious solution is a reduction in the loan balance in bankruptcy through a change in bankruptcy laws. George Soros may believe this sort of change in the bankruptcy laws to be unConstitutional, but Constitutional scholars would disagree with him.

Personally, I prefer waves of foreclosures over the next five years.
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