Why? The investor owners are not paying the mortgage. And why is that? They were allowed to overextend themselves in the booing low interest rate hosing market..and now everyone is paying a price for that.
From The New York Times
“This is an explosion,” said Judith Liben, a lawyer at the Massachusetts Law Reform Institute. “This isn’t business as usual. These are investors that overleveraged themselves, and the renters are collateral damage in the mortgage crisis.”Full article HERE
Even if you are a home owner, all those foreclosures in your neighborhood, which are usually left empty, are inviting crime, lowered hosing values and an inability to sell should you choose that route for yourself.
Another mess created by the "we hate government" crowd in D.C. - they hated regulations so they removed them and we all pay the price for his cronies' corporate greed...we win - everyone else loses" is the "game" they play - they simply do not care about "collateral damage" - on the home front, in Iraq or in Afghanistan.....
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