{"id":1136,"date":"2010-08-27T08:34:56","date_gmt":"2010-08-27T13:34:56","guid":{"rendered":"http:\/\/www.mdmproofing.com\/iym\/weblog\/?p=1136"},"modified":"2010-08-27T23:13:05","modified_gmt":"2010-08-28T04:13:05","slug":"home-free-on-the-range","status":"publish","type":"post","link":"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/08\/home-free-on-the-range\/","title":{"rendered":"Home (Free) on the Range"},"content":{"rendered":"<p><img decoding=\"async\" src=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/graphics\/generic-home2.gif\" style=\"float:right; margin: 0 0 14px 14px;\">You want stimulus?  Well, how &#8217;bout the chance to go almost 15 months without a house payment?<\/p>\n<p>Thanks to cottony-soft (and FedGov encouraged) accounting standards, banks are loathe to foreclose on underwater properties.  As a bank, realizing five- and six-digit losses is no fun.  It tends to leave ouchies on your balance sheet, and more importantly, has a negative effect on management bonuses.<\/p>\n<p>Cause, meet effect:<\/p>\n<div class=\"blurb\">Defaulted borrowers were spending an average of 469 days in their home after ceasing to make payments as of July 31, so the financial attraction of strategic defaults increases.<\/div>\n<p>Four hundred days with no house payment?  A fellow could save up quite a stash in his piggy bank, going that long without sending a check to the mortgage company.<\/p>\n<p>In any case, that tantalizing little snippet comes from an <a href=\"http:\/\/www.americanbanker.com\/issues\/175_165\/foreclosures-modifications-california-1024663-1.html\" target=\"_blank\">article<\/a> at AmericanBanker.com.<\/p>\n<p>And speaking of homeowner savings, just imagine <b>all<\/b> the <b>dutiful<\/b> home care and maintenance being performed by all these &#8220;living free for now&#8221; borrowers &#8212; borrowers who know that one day the bank <b>will<\/b> be coming to throw their La-Z-Boy on the lawn and Master Lock all the doors.  The question isn&#8217;t if, but when.<\/p>\n<p>Oh, I&#8217;m sure that leaky roof will get fixed.  Any day now.<\/p>\n<p>Yes, indeed.  Delaying foreclosures (most econ-types refer to it as &#8220;extend and pretend&#8221;) with schemes like relaxed accounting standards and FedGov-initiated can-kickings (<a href=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/08\/dtis-hamp-mod-recipients\/\">HAMP<\/a> much?) should work out just fine.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>You want stimulus? Well, how &#8217;bout the chance to go almost 15 months without a house payment? Thanks to cottony-soft (and FedGov encouraged) accounting standards, banks are loathe to foreclose on underwater properties. As a bank, realizing five- and six-digit losses is no fun. It tends to leave ouchies on your balance sheet, and more [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[31,17,32,28],"tags":[],"class_list":["post-1136","post","type-post","status-publish","format-standard","hentry","category-homeownership","category-news","category-mortgages","category-statistics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Home (Free) on the Range<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/08\/home-free-on-the-range\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Home (Free) on the Range\" \/>\n<meta property=\"og:description\" content=\"You want stimulus? Well, how &#8217;bout the chance to go almost 15 months without a house payment? Thanks to cottony-soft (and FedGov encouraged) accounting standards, banks are loathe to foreclose on underwater properties. As a bank, realizing five- and six-digit losses is no fun. It tends to leave ouchies on your balance sheet, and more [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.mdmproofing.com\/iym\/weblog\/2010\/08\/home-free-on-the-range\/\" \/>\n<meta property=\"og:site_name\" content=\"Money Musings\" \/>\n<meta property=\"article:published_time\" content=\"2010-08-27T13:34:56+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2010-08-28T04:13:05+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.mdmproofing.com\/iym\/weblog\/graphics\/generic-home2.gif\" \/>\n<meta name=\"author\" content=\"Michael\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michael\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" 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