Hedge Fund Manager Don Brownstein: Enough With The Foreclosures!
"Jamie Dimon doesn't sleep in one of those foreclosed-upon houses."
Let's say there's 8 million households that are about to be foreclosed on. Those households will then move to another 8 million houses, at a cost-- both for the homeowner and the mortgage servicer...In a sense we are victimizing ourselves by forcing that outcome. We need to say: look, we made a big mistake. Don't spend any more money on that mistake. Why not just let these people be renters. Let them stay in their houses, as tenants. Don't move them. Stop doing that. It doesn't make any sense. Banks get no utility from owning a house. Jamie Dimon doesn't sleep in one of those foreclosed-upon houses. He doesn't use their bathroom factilities. He has his own house. [BI, earlier]
