Oh No: New York's proposed foreclosure moratorium

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Monday, March 3. 2008

The Times points out today that some New York lawmakers are proposing legislation to prohibit mortgage foreclosures for a year.

Portfolio Magazine's Felix Salmon describes it as "too early." I'll describe it as "insane."

Look, if I'm a lender, and I can't rely on my ability to collect the collateral against which the loans are made, do you really think I'll keep lending? Next thing you know the legislators will be trying to compel me to lend.

Look out below.

Felix pointed out the strength in the Altos Manhattan Condo Index. We haven't yet started publishing the New York real estate data on our free research page, so I'll have to dig in manually to get the goodies on the rest of the area.

[trivial aside: I was the anonymous source of the visual details of the U2 concert described in the first paragraph of this article in the inaugural Conde Nast Portfolio magazine last year.]

Posted by Mike Simonsen in Mortgage and Lending, New York Real Estate, press coverage, Real Estate Data at 08:37 | Comment (1) | Trackbacks (0)

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I completely agree with your statement about collecting the debt. That will be a nightmare. Banks are alreaedy losing money and now it will be even more.

#1 Novi Real Estate (Link) on 2008-03-04 02:43 (Reply)

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