> "Bailout" or not, the only way any "owner-occupiers" who fall
> behind on their mortgages are not kicked out is if the potential
> repossessor realizes that the property is a white-elephant and
> concludes racking the existing occupier will be more profitable
> than the market-return for repossessing the property.
Well, sure. Win-win, right?
Looks like some of that is starting to happen ...
http://biz.yahoo.com/ap/081006/mortgage_lawsuit.html?.v=9
Bank of America settles suits over bad mortgages
Bank of America unit to modify loans to help keep people in their homes
SPRINGFIELD, Ill. (AP) -- Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify hundreds of thousands of loans to keep people from losing their homes.
Charlotte, N.C.-based Bank of America said Monday it will modify troubled mortgages with up to $8.4 billion in interest rate and principal reductions for nearly 400,000 customers of Countrywide Financial Corp., the troubled mortgage lender it acquired last summer.
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