Friday, October 24, 2008

Renting classes forgotten

A helping hand to homeowners

“no-recourse” home loans, which are standard in America (though not elsewhere). If a borrower defaults, a bank can claim back the property used as collateral, but nothing more. When the value of a home drops below the size of the mortgage, a borrower has a reason to default to escape his negative equity.

Posted by matt_the_hat @ 08:20 AM (557 views)
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