Into the Policy Vaccuum
What'll happen to all those contracts out there, all the sales prices, and all those mortgage-backed securities if uppity local politicians decide to stop selling foreclosed homes?
We'll probably find out.
Authorities in Philadelphia will suspend foreclosure sales of homes whose owners have fallen behind on adjustable-rate subprime loan payments -- potential relief for tens of thousands of struggling debtors.
And hats off to Reuters for using the proper term, "debtors" instead of the inaccurate and emotionally-charged "home owners" that other media insist on when writing these stories.