Obama Should Let Mortgage Vultures Clean Up Housing Mess: View – Bloomberg

Obama Should Let Mortgage Vultures Clean Up Housing Mess: View – Bloomberg.

Here’s a unique proposal for the Obama administration, which has been casting around for ways to revive the housing sector: Let the market do its job.

Housing ranks among the biggest drags on the U.S. recovery. Almost 11 million households still owe more on their mortgages than their houses are worth. Foreclosures are piling up as banks take years to repossess and sell homes. Those who don’t want to walk away find themselves in a sort of debtor’s jail. They can’t sell, they can’t move for a new job and they can’t borrow money to start a business. As a result, houses don’t change hands, prices keep falling and the vitality of the entire economy suffers…

 

 

 

 

 

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