By now, the real estate industry’s battle cry has become accepted and common knowledge, seemingly accepted by consumers, commentators, and politicians alike: We must fix housing in order to fix the economy!
But what if our common knowledge on the subject is flat-out wrong? What if – and here’s a world-changing idea – housing isn’t central to economic recovery, at least this time around? Imagine, for a minute, if we actually allowed banks the ability to enforce their legal rights on a non-paying borrower? What if we let the loan terms borrowers agreed to when they took out a mortgage actually mean something?
Would it be the end of the world as we know it?