Disliked{quote} OK, that is true in a macro sense. But for the individual, the rules stayed the say, although the repossession process was extended quite a bit. For the individual, the mortgage is still covered by the house, regardless of who is backing the mortgage company or the industry.Ignored
Detroit 2008 is a good example of working reality of collateral(s):
https://www.theguardian.com/business...ousing-detroit
"A land registry search for Stansbury Street provides a clue to just how spectacular the crash has been. In 2001, the same property changed hands for $88,000. As prices declined, it was sold again for $33,500 two years ago. But the buyer was unable to keep up mortgage payments. After foreclosure, the bank dumped it on to the market at its present rock-bottom price tag [$1,250] on October 15...
For the banks, it is cheaper to give away houses than to knock them down."