Since our lending is now strict, foreclosure rate is so low, we should have been able to get lower mortgage rates. Our regulation and legal practice is adding to the cost.
We should make foreclosures easy, fast and low cost. Also make the non-recourse go away. These bad regulations make everyone pay higher mortgage rate. We should cut half of the lawyers and half of the politicians, let the common sense, efficiency and simplicity rule.
In general, foreigners can buy any number of private condo and apartment, but need permission to buy landed properties. Foreigners can’t own HDBs. HDB is a subsidized public housing for Singaporeans and some PRs only. Malaysian PRs = Singaporeans for housing.
Jil,
Your relative is referring to HDB.
We should also remove smoke and CO detectors. Remove all health and safety regulations. We should also let people live in whatever buildings they want, like in a warehouse.
Oh wait…
Is it satirical?
Foreclosure means defaulting on promise. If it is made fast, easy and low cost, it is counter productive for economy and growth.
Say, you have given 1M to me and if I default on your money and easily get away, will it be anyway useful to you or country or state or healthy trend?
If everyone defaults using foreclosure, it becomes 2008 downturn ! This lead entire US defaulting to overseas (China & Japan) who invested 1 Trillion each to USA !
fore·clo·sure
ˌfôrˈklōZHər/
noun
the process of taking possession of a mortgaged property as a result of the mortgagor’s failure to keep up mortgage payments.
Problem is that it takes the lender a long time to take possession of the property when owner stops paying. In some cases, homeowner lives in the house for free for 4 years before a foreclosure happens.
Making foreclosures easy/fast for lenders. Not make it easy for non-paying owners live in the house for free. Their free living is paid by your higher mortgage rate.