So far the (stronger)financial institutions and pols seem to want a correction plus bailouts of the type we are seeing. Foreclosure moratoriums could still be in the future. I think unemployment would have to go up quite a bit.
In the depression 25 states succeeded in placing foreclosure moratoriums, some for as long as 5 years. Aguirre was scoffed at for his “safe haven comments” but he has company… and it could grow.I have read that he has been harping AG Brown to get out of closed door meetings with the banks and and join him and his supporters.
When average people who bought responsibly and have fixed mortgages with no additional loan balances from time of purchase start to get evicted by foreclosures(probably because of unemployment), in mass, we might see more grass roots organization in this direction.
I guess It depends on how far the economy spins out of control.
It is obvious, as several posters have stated, that more “gubmint” intervention is in the works.Whether or not we get to this is to be seen but I think the selective use of moratoriums is possible.
As SDR has said many times, and may be correct about, it could be a whole new ball game if the liberal, populist element gets strengthened in these elections.
I think it would be kind of a surreal experience buying a house under a foreclosure moratorium. Wierd.
