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The lending institutions have it within their power to solve this crisis; instead of starting foreclosure proceedings after 3 months give people a chance to, find another job, sell, refinance, or make partial payments. It beats the bank owning the house. If someone pays in good faith but cannot keep up with their payments due to a variable rate, if foreclosure preferable than "bailing out the borrower"? Honestly? If a house can stay empty for a year or two while the bank tries to sell it, the bank can be more flexible when people are behind.
By Robert B.
