And beyond that we have a global credit crisis that has just begun to rear its ugly head.Empowering BK judges to cram down several thousand sub prime mortgages will be inconsequential to all concerned.It is just another feeble effort put forth by bureaucrats attempting to control the uncontrollable.

@Evan Miller I would stay away from Puerto Rico just because of their debt crisis.

I think one of the questions is, how long will banks and government entities remember and be stung by the crisis in '08?

Job insecure, food, medicine, transportation insecure ~ and the first thing they need to give up is rent in times of crisis.  

I dealt with a lot of these types of situations during the financial crisis when the hedge funds were buying these houses.

The City lost a lot of money because of lost revenues in both Property Taxes, especially in Transfer Taxes as sales went down hugely, and the crash of the Stock Market.Really, this was GROUND Zero for the Financial Crisis.During this time, my Partners and I did feel the crisis, but more because we care about the financial well being of our current renters, especially those who are our long term tenants.

This is largely aided by gov-mint guarantees and a distortion of the cost of money such that it is more attractive to the average consumer than small bank debtAgain...there is plenty of blame to go around from all parties to these transactions, but absent government intervention and distortion of the free market there would be no crisis.

I've had people give away lots of land for pennies on the dollar because of a family crisis, death, divorce etc. 

It was better several years ago when we were in the depths of the foreclosure crisis, most banks required brokers to list properties.  

Mortgage fraud conspirators who contributed to the real estate crisis of 2008 are still standing in line for punishment.