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From: Mortgage Banking
Date: 19910201
Author:Melchiorre, Cam
FORECLOSURE COMBAT
Geoffrey Chaucer, the great English author, once said: "There are three things that drive a man out of his house, that is to say, smoke, the dropping of rain and wicked wives." Had Chaucer witnessed the decline of the Southwest real estate market in the early- to mid-1980s, he would have added equity erosion and oil industry-related unemployment to his list. Those factors - as well as rampant overbuilding fueled by excessive speculation - have resulted in record losses for lenders, investors, borrowers and government and private mortgage insurers. While the ...
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