Linda Caoili

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Buy and bail, the newest trend in housing shenanigans

Jun 11, 2008By

It turns out that prices have fallen enough in some housing markets that existing homeowners can finally afford that second home — and then promptly stop paying on the first. The Wall Street Journal gives us anecdotal evidence of the so-called “buy and bail,” in which we see borrowers trading a new mortgage for a defaulted one:

3d rendering of a row of luxury townhouses along a street

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