Foreclose, foreclose, foreclose
Just like liquidate, liquidate, liquidate. Rortybomb:
This isn’t going away as a problem in two important ways. The first is that, with current estimates, there will be 2 million foreclosures next year, same as there was this year. There will be 2 million foreclosures the year after that. Foreclosures will remain very high after that – we can easily imagine ourselves being here in 2013 saying “Why won’t our government get off there butts, stop protecting the biggest banks, and do something about this problem?” It is time to act.
The second way is more disturbing. Even after a recovery the housing markets will still be broken. Consumers will have to worry their documents are not transfered and recorded to the correct place. Consumers could have their payments misallocated by a servicer, and there is little recourse they’ll have other than to pay massive, illegal fees or lose their home.
I think it would be simpler if we just... Oh, I don't know, just gave up this notion of owning property entirely, at least for us peasants. Find the biggest Mr. Big's castle, hunker down, and work the land in exchange for protection. Why not?