Foreclosures gone wild MarketWatch First Take - MarketWatch
This is always the case. India or US, I guess it makes no difference. Harvard did this study. It is people from institutions like theirs, that have designed the process, written complicated laws and generally prescribed documentation of forty pages, where four would suffice.
But, to me, the more important thing is the indulgence being shown to individual defaulters. Virtually the world is looking at 'small borrowers' vs lenders as a "David vs Goliath" story. Media sympathy seems (wrongly) with the small guy.
Maybe it is one way of levelling things. The big corporations swindle billions of taxpayers money from the banks in single deals. Guess the small guy is entitled to piece of the action!