We haven’t heard Alan Gin talk much lately. As I recall he was a real estate bull. I bet he would say he didn’t the the foreclosures coming. So much for the plateau he was predicting.
University of San Diego economist Alan Gin said weak loan-underwriting standards are a major reason for the spike in foreclosures. Many adjustable mortgages issued in recent years required little or no down payment, making homeowners more likely to walk away when the going got tough.
“It just made it easy for people to give up,” Gin said.
