Enough already!!! So California is starting yet another moratorium forcing lenders not to foreclose on their borrowers property unless they have programs in place to modify the loans of at risk borrowers. Well really what good is it going to do? Nobody is taking up the loan modification programs, in fact I read recently that last government sponsored program that was supposed to help around 400,000 homeowners actually only helped one, yes one. In the meantime the lenders are stuck with non performing loans and homes that are quite literally being torn apart by unghappy occupants. We are just delaying the inevitable.

If we want the market to have any chance of recovering we have to get the pain over and over quickly. The more delays that are forced on everyone the harder it will be for the market to reset. Who is covering the growing cost to the banks to hold onto the non performing loans? This extra strain just puts more pressure on an already stressed financial market.

The politicians need to let the market take care of itself from this point on.