six-month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit, arguing that lenders should help borrowers refinance their mortgages or face lawsuits.
Well now. In this scenario, the banks and investors are going to take the hit. In most cases this will mean the banks have to absorb 6 extra month of no payments on defaulted mortgages and are not going to be happy about that. I bet their lobbyists will not allow this to happen.
For us, hoverer, either way will not make much difference. So homes hit the must-sell inventory in a year after the NOD, instead of in six month. So what?
What can affect us, is if the government tries to bail out the mortgages using tax money. Now that will both dampen the blow AND have us pay for it.
