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From comments:I think there is at least one additional and important piece of data in support of your argument which, to my mind, has been underplayed in this whole discussion. FHFA released a research report in Sept. 2010 entitled "Data on the Risk Characteristics and Performance of Single-Family Mortgages Originated in 2001 - 2008 and Financed in the Secondary Market." Of particular importance is Figure 8 (page 16), entitled "Ever 90-Day Delinquency Rates on Higher Risk Single-Family Mortgages Originated from 2001 through 2008 and Sold into the Secondary Market, by Origination Year." While not a great title, the graph shows that for Higher Risk loans, PLS default rates were ALWAYS higher than GSE loans for vintage 2001-2007 loans. A frequently repeated claim is that the GSEs (whether or not through their "affordable" goals) caused a reduction in underwriting standards and therefore caused the crisis. As you point out, this is false - despite some bad actions by the GSEs. What this Figure 8 demonstrates is that it PLS defaults for similarly situated borrowers were substantially higher. Private securitization cannot be blamed entirely for the crisis: but it cannot be excused. These data seems to suggest that PLS underwriting was worse than the GSEs. The report and data can be found at: http://www.fhfa.gov/Default.aspx?Page=313 (but I can't seem to link to the Figure itself).
DAVID LINDAHL says that, Tax Lien or Tax Deed? This query occurs a lot among traders eager in Tax crime real estate investment. What's the distinction between Tax liens and Tax actions and which is better to get in? The response to that query is this, which are you looking to do, earn cash on your money? Or own real estate asset with your cash / investment? If you just want to get the interest amount and charges on your investment then Tax Liens is the best choice.
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