The Wall Street Journal reports that the sheriff of Philadelphia (no doubt an elected official) has refused to carry out foreclosures. If I lived there now in a mortgaged house, I’d quit paying right away. In fact, I wonder if one could acquire a mortgaged building there now, and get it free so far as the mortgaged portion is concerned? People might be doing that right now, perhaps boosting real-estate values there! Or would anyone take back a mortgage in that city now that they aren’t subject to enforcement?
Right now, I think you need a subscription to access this article (I have a subscription, so I’m not certain you can access this without one). But perhaps if the Wall Street Journal were in Philadelphia, they’d have to let anyone get at their content. That’d certainly make a sucker out of me, wouldn’t it?