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Opinion
Megan McArdle

Banks' New Foe: Homeowners Associations

Nevada bankers have discovered something even worse than foreclosure: not being able to foreclose themselves because the homeowners association got there first.
Who got there first?
Who got there first?

No one looks forward to a bank foreclosure. It's miserable for the people being kicked out of their homes, it's miserable for the law enforcement folks who have to do it, and it's expensive as hell for the banks.

Nevada bankers have discovered something even worse than foreclosure: not being able to foreclose themselves because the homeowners association got there first: