SIMPLE. As we’ve seen it time after time, THEY serve the cartels.
QZ-
Even as it continues to improve, the specter of negative equity—those homeowners that are underwater on their mortgage, owing more to the bank than their home is worth—will act as an anchor on the housing market for years to come. But rather than acting to help ease the problem, congressional inaction is instead keeping a lifeline away from drowning homeowners.
As of the end of the second quarter, 17% of Americans with a mortgage were underwater. That’s down from 18.8% in the first quarter and 23.8% in the second quarter of last year, which is real progress. But when almost $9 million homeowners with a mortgage nationwide still can’t or won’t realistically enter the market because they’re underwater, the pool of eligible buyers and sellers shrinks, sales volume falls and inventory gets tighter.
At best, high negative equity leads to a decrease in mobility—more people simply stay put in their homes, stuck underwater or unable to find a home they can afford. At worst, it leads to higher foreclosure activity, as desperate homeowners default on loans that are increasingly burdensome, or simply choose to walk away from homes that are too far underwater.
[QUARTZ]
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