I would love to hear from lenders in the network who are willing to talk about the current mortgage crisis. I know when the market was HOT, subprime lenders were fat and happy handing out loans to barely qualified, and sometimes unqualified clients. Real estate agents participated in this as well, this is not an attempt to blame lenders. For the most part, Lenders (and real estate agents) are honest and ethical people trying to make a living. But we all can admit, there are/were "slugs" in the business who prayed on people and their desire for the american dream.
People are in trouble now. People are in mortgages that are resetting to points where they are stuggling to pay their mortgage, some who are one paycheck away from default and some who are already in default and will be losing their home and their dream.
We all know that this affects all of us. The market is slow, people are afraid and we aren't selling as much as we would like. I think we can all agree that foreclosures are not a good thing. Banks and lenders don't really want to own these homes. They, hopefully, would be more interested in finding ways to help these people keep their homes.
How about some creative ideas for restructuring loans that would help people keep their homes. Yes, there will be risk and undoubtedly some will still default. But look at the bigger picture, most will continue owning (and paying for) their homes. This seems to me to be better for the economy overall than massive numbers of foreclosures that will drag our economy down further and further, eventually affecting all segments of society.
Am I being naive? I hope not! Can we think ouside the box and find ways to fix this?