Where borrowing money made you richer than saving it.
NY Times:
The result is one of the paradoxes of the recession: the more money you borrowed, the less likely you will have to pay up.
...
Even when a lender forces a borrower to settle through legal action, it can rarely extract more than 10 cents on the dollar. “People got 90 cents for free,” Mr. Combs said. “It rewards immorality, to some extent.”
This is not limited to the residential market eigther.
From GlobeST:
There’s almost no way to keep the volume of US CMBS loans in special servicing from topping $100 billion by year’s end, Fitch Ratings said Wednesday. In a report accompanying the announcement, managing director Stephanie Petosa wrote, “The number of loans transferring to special servicing is growing
exponentially.”
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