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Punishing Foreclosure Victims Only Continues The Pain For All Of Us
In my opinion, this blog is EXACTLY what our policy makers need to hear and see if we are  going to stabilize the housing market.
Be sure to watch the Steve Colbert report at he end...a little humor helps!
Thanks John...wonderful post.
While news stories, articles, and blogs continue to be written about “Strategic Default” and how those facing foreclosure shouldn’t be allowed to walk away or have their mortgage balance reduced, punishing foreclosure victims only continues the pain for all of us. The problem we face isn’t one of a few hundred or even a few thousand who carelessly spent beyond their means; this issue touches tens of millions of U. S. homeowners, the majority of whom acted responsibly, and with the knowledge available to them at the time. Most thought they were making wise choices.
 
How can we blame the homebuyer for not seeing the fallacy of never-ending home price escalation? In their recent testimony before Congress, the heads of the big banks said they didn’t see it. Jamie Dimon, Chairman and CEO of JP Morgan Chase said, “Somehow we just missed that home prices don’t go up forever,” an erroneous assumption shared by the U. S. Treasury. And ... more

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