JP Morgan; If Foreclosures Are More Difficult Then We'll Lend Less On Mortgages

An interesting example of the verity that no good deed goes unpunished. JP Morgan has pointed out that precisely and exactly because foreclosure on a defaulted mortgage is more difficult these days therefore they are lending less on such mortgages. This is, of course, something of a pity as one of the great strengths of the US economy has always been the speed with which economic mistakes get cleaned up. Whether bankruptcies (corporate or personal), foreclosures, loan defaults and so on, the system has always, until now at least, been very swift in cleaning them up. So that economic assets can be moved on to someone who can make better use of them.