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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Mike da bear who wrote (28752)3/25/2005 11:32:28 AM
From: John VosillaRespond to of 306849
 
Perhaps this is a cure for our perceived demographic problem and a shortage of housing in very expensive places like LA and NYC. When that $800K property gets resold in 3 years by the bank for $400k I doubt some paycheck to paycheck guy with zero net worth is going to get up everyday, go to work and have much of his paycheck garnished to pay the loss. More than likely he either leaves the country or works off the books to circumvent the system. In any case he
will never be buying a house again in the states.



To: Mike da bear who wrote (28752)3/25/2005 11:49:42 AM
From: bentwayRead Replies (1) | Respond to of 306849
 
I'm curious as to how that will actually occur. If people just refuse to pay, will we put them in debtor's prisons after having auctioned every possession they have? Will we drive them to the underground economy by garnishing any wage they might earn?



To: Mike da bear who wrote (28752)3/25/2005 12:14:22 PM
From: Jim McMannisRespond to of 306849
 
Did the BK law pass both houses and signed by Bush?


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