Sunday June 19th front page NYT foreclosure article. http://s.nyt.com/u/4cHv
At last the story is out, sort of. Millions living rent free and more. The untold story of the foreclosure debacle. Now don't get me wrong, a whole lot of people have obviously lost their homes and are suffering , but according to that article, many are just staying put and living rent free, while the lenders are screwing up trying to foreclose, or as the article says, sometimes no longer even trying to foreclose. According to a defense lawyer many of his clients are renting out their properties, not paying their mortgages and pocketing the difference.
I'm not trying to disparage the vast majority who got in over their heads and may have been the victim of predatory lending practices , but my point is that the economic impact on many people in foreclosure may not be as bad as the headlines would lead us to believe. Not likely to hear about this Times article on the morning talk shows. It doesn't fit the conventional narrative, and frankly I was quite surprised (and pleased) it was done by the New York Times.
Also it all of this "sky in falling" foreclosure mania that is prolonging this recession and this article, if understood by the public, might somewhat lessen that negative perspective.
Eric
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