Foreclosure is to no one’s benefit. I’ve heard estimates that mortgage investors lose 40-50 percent on their investment if it goes into foreclosure. Because everyone loses in foreclosure, the industry – lenders and investors – already has a process for working with struggling borrowers to avoid foreclosure whenever there is a better option for everyone. - Hank Paulson 12/07/07
Let's make this clear. If foreclosure were to no one's benefit, it wouldn't exist! Paulson is covering for his special interests. Listen to his whole song and dance here. What Paulson is saying without saying it is "In the current housing market foreclosure doesn't help the lenders."
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