jd, I think banks must have behaved differently in different regions. One of my grandfathers told me how the bank worked with him on his mortgage during the depression. The bank took what they could get from him as payment because, as my grandfather said, "they didn't want any more houses."
I think at the point my grandfather needed a workout the bank must have had a lot of housing inventory on hand, and they didn't want to add to it. My grandfather had great timing in that he bought the house in 1928 just before the crash <G>
One of the gifts Alzheimer's disease gives is great recollection of younger years. That grandfather had it, so I made a point to ask him about those times whenever I spent time talking with him. I learned quite a bit about his life before and during the Great Depression.
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