This is getting worse, not better.
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Dear Chris, as an Italian who has lived in the UK and now in the US, I must say that rule of law and due process are, simply, the most important bricks in the foundations of a civilized country. Without them the entire building, no matter how tall it may be, will eventually come down. Italian justice, or lack of, although originating from the Roman times, is presently a case in point and one can see at how those two missing bricks have ruined that beautiful country in every sense, except for good food……. The morale of the story is: when you leave the path of legality, you do not know where you may end up………..the law of unintended consequences has a very, very nasty side to it.
While he’s right that from a legal perspective this is indeed a viable scenario, I’m going to say the federal government is not going to allow this to happen. There will be some law passed at a federal level overriding existing real estate law. This will make it past the public as long as it’s balanced…most of these homeowners agree they took a loan out from someone….
That said, financiers have had a real scare here and I think it’s ultimately going to slow the lending flow…..
But you know what they say – Greenwich real estate never goes down, so it shouldn’t matter…:)
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