Tuesday, May 1, 2007

Massachusetts 2-Month Mortgage Bailout Increases Moral Hazards

Bailout Escalation for Bean Town

Foreclosures in Massachusetts have almost doubled in the past year. The Massachusetts state government already has been making phone calls on behalf of delinquent home borrowers to change the terms of mortgage contracts. Now, the Massachusetts Division of Banks further increases moral hazard by seeking a 2-month financial vacation for home-mortgage delinquents.

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