From Struggling Owners to Stable Renters
For more: http://nyti.ms/fS7lxj
There are many factors behind the mortgage crisis, but there is only one simple explanation for why we have failed to solve it. Any effort to help homeowners by forgiving some of their loans is said to create a moral hazard, rendering it politically toxic. But without help, homeowners continue to struggle, foreclosures continue to mount and the housing industry continues to drag down the economy.