Hillary Clinton and Obama have endorsed the idea to prevent foreclosure and amending the US bankruptcy law so that troubled borrowers can have their mortgages modified in court. Does that make sense? Does she suggest that principal debt be lowered? Should government tell lenders that they must lower principal balances owed on loans? We don't think so. Hillary also has called for $30 billion in federal funds to bolster state and local foreclosure-prevention efforts. Will this work? She also proposed a 90-day moratorium on foreclosures and a rate freeze on subprime adjustable mortgages. Would that prevent foreclosures? We don't think so. Is that what government should be doing? The main problem is that some borrowers now owe more than their homes are worth. Is it the job of government to step in and fix that? Bankruptcy reform is not a good way to deal with that.
Posted by Harrison K. Long, Explore Properties Group, March 29, 2008
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Harrison- When the government gets involved they mess it all up! Let the free market adjust itself. Why put a moratorium on foreclosures for 90 days. It will just allow people to stay in their homes longer without paying their bills. It is about personal responsibility. Don't even get me started on how Hillary has none. She has never worked for herself or had to fend for herself so how would she know how to handle this? And not to mention, socialism never works! All socialism experiments are total failures! Katerina
Mar 29, 2008 06:49 AM
Horton's Lawn Care L.L.C. - Burton, MI
So what does this have to do with Obama?
Also it sure beats sitting around doing nothing, atleast she is trying to come up with something, sure it might not be the answer or the best thing to do but what do you propose? Sitting around watching everything plumit even more, don't you think that the banks would rather adjust things and possibly get some money than sit on a foreclosed property for who knows how long until someone actually buys it. In my area there are homes that have been foreclosed on and vacant for over 2 years with no action, I drive by them all the time boarded up run down and ruined because the previous owner lost their job, or got sick to where they couldn't work and had no other option because many people were in the same boat and couldn't buy the home when it was offered b4 going back to the bank.
The whole reason people owe more on their homes then they are worth is because of ARMs that went out of control and raised payments through the roof, which is another reason why there are so many foreclosed properties. When properties get foreclosed that is like an almost garaunteed value dropper, when you get tons of them in an area everyones value starts going down because of the foreclosed homes selling so much cheaper.
Also people in foreclosures weren't all "bad people that just don't pay their bills blah blah blah" there are actually many who have lost their jobs and spent all of their savings on medical bills or even just their mortgage but now that money is gone and they still haven't found work because in many areas their is little to no work.
Katerina, talking about personal responsibility have you ever sold a home to someone who you thought couldn't afford it and it has been foreclosed on? Let me guess you turned down that big commission because your "super personal responsibility girl" saver of the free world (LMAO), because it would be personally irresponsible to in your field of work let someone purchase a home that is not in their price range really. So you can knock all the people that have lost their homes to foreclosure all you want but I am sure you personally have done nothing to prevent any of your clients from making a bad purchase.
Mar 29, 2008 07:23 AM
Rainmaker
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Harrison K. Long
REALTOR , GRI, Broker associate, Attorney
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