3-I.) Suppose that many of the people who bought homes with no money down later defaulted, and would later have their homes foreclosed on. Suppose further that the government responded to this calamity by pressuring mortgage servicers (the people who collect monthly mortgage payments to pass onto the holders of mortgages) institute a moratorium on foreclosures. (This was in fact one of the first things that took place in 2009.) What impact would this policy have on home prices? (2.5 Points) What impact would the ultimate removal of the foreclosure moratorium have on home prices? (2.5 Points) Hint: Think about what happens to foreclosed homes, which side of the housing market would be affected by foreclosures and a moratorium on foreclosures.