Daily Archives: 11/26/2010
There is debate about collectivism and the source of the difficulties of the pilgrims.
It is true that Irish mortgages are “recourse” — that is, you can’t just turn in the keys and walk away from a property as you can in many parts of the United States. On the other hand, Irish residents can leave the country – moving to Britain or the United States is a well-established tradition for many families. And how can an Irish lender enforce debts when someone has emigrated?
That’s from Simon Johnson, interesting throughout.