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On the flip-side, putting all businesses in this situation means most of us are in the same situation; and every market/industry needs to work together to get o

On the flip-side, putting all businesses in this situation means most of us are in the same situation; and every market/industry needs to work together to get out of this crisis. If no one can pay their mortgage, loan holders HAVE to make exceptions. That shared spirit of sacrifice isn't a reason to institute lock down orders, but my opinion is that it will allow us to lesson the economic damage long term.

abduhl 7y ago
Why do they have to make exceptions? Absent a government mandate there is no requirement and, unfortunately, the mortgage is secured by the underlying property. I fully expect, and you should too, foreclosures to skyrocket and people to be on the street. The banking sector is not in the business of shares sacrifice and the US government isn’t in the business of letting the banks collapse. This lockdown will kill people. Let’s not be blind to that fact out of some sense of moral righteousness or some hope of humanity being found by faceless corporations.
- balls187 7y ago
  > I fully expect, and you should too, foreclosures to skyrocket and people to be on the street. Why, in the worlds wealthiest nation is that something I should expect?
  - derg 7y ago
    Because those who write the rules are going to use the massive number of foreclosures to buy up property dirt cheap like they did in '08 and beyond. It's a feature, not a bug. We're seeing one of the largest transfers of wealth from the poor to the wealthy ever and it's only getting worse. The cruelty is the point. Oh also don't forget the number of people who are, or will shortly be, underwater with their car payments too. That's another ticking time bomb.
    - deleted 7y ago
      [deleted]
    - balls187 7y ago
      Ahh, I didn't read that parent comment with a sense of sarcasm. As long as I have breath in my lungs, I will do whatever I can for the least of my brothers.
- aaron_oxenrider 7y ago
  If you paid attention during the last recession while foreclosures did skyrocket, those people did not end up out on the street. Many found other places to live or just stayed in that house until someone forced them to leave. Some people stayed in a house without paying a mortgage for years. If it goes that direction again I see even more people just staying without paying anything. The banks don't have the resources to force everyone out and no one wants to buy that many properties in a lot of areas.

abduhl 7y ago

Why do they have to make exceptions? Absent a government mandate there is no requirement and, unfortunately, the mortgage is secured by the underlying property. I fully expect, and you should too, foreclosures to skyrocket and people to be on the street. The banking sector is not in the business of shares sacrifice and the US government isn’t in the business of letting the banks collapse. This lockdown will kill people. Let’s not be blind to that fact out of some sense of moral righteousness or some hope of humanity being found by faceless corporations.

balls187 7y ago
> I fully expect, and you should too, foreclosures to skyrocket and people to be on the street. Why, in the worlds wealthiest nation is that something I should expect?
- derg 7y ago
  Because those who write the rules are going to use the massive number of foreclosures to buy up property dirt cheap like they did in '08 and beyond. It's a feature, not a bug. We're seeing one of the largest transfers of wealth from the poor to the wealthy ever and it's only getting worse. The cruelty is the point. Oh also don't forget the number of people who are, or will shortly be, underwater with their car payments too. That's another ticking time bomb.
  - deleted 7y ago
    [deleted]
  - balls187 7y ago
    Ahh, I didn't read that parent comment with a sense of sarcasm. As long as I have breath in my lungs, I will do whatever I can for the least of my brothers.
aaron_oxenrider 7y ago
If you paid attention during the last recession while foreclosures did skyrocket, those people did not end up out on the street. Many found other places to live or just stayed in that house until someone forced them to leave. Some people stayed in a house without paying a mortgage for years. If it goes that direction again I see even more people just staying without paying anything. The banks don't have the resources to force everyone out and no one wants to buy that many properties in a lot of areas.