Loan Modification, Short Sales and Forclosures

Today I read on New York Times about  Freddie Mac and Fannie Mae rejecting  debt relief to home owners who are under water with heir homes and facing foreclosures. I thought I would like to share my thought on that .

People argue about why other good citizen should be responsible for people who took the bad loans and some might have even lied on their loan application in order to get in the position that they are now?

I totally disagree .

As  a Real Estate agent who work in Washington DC all over the city , PG County Maryland and Prince George William in Virginia where more home owners facing difficulties with their home. Either Their home are under water or either they got into all these none Kosher loans such as Interests only and Jumbo Mambo loans and other products that used to be very popular back in 2004-2006.

My respond to these people who argue and angry at  the consumers who l took the bad loans and later on realized that they can't afford it , that I do not agree with you.

First by saying that , I remember the time that lenders would push non-standard loans VS standard loans.

For example , I am sure every one remember NO Docs loan or LOW Docs LOAN. Do you remember them? As long as you had a good credit you were qualified. Now some people would say:" Yes we know , but why these irresponsible people took those loans"? and my answer is : It is because it was there. Especially when the lender push them into their throat by force to sell these bad loans, because they had plan and they knew what they were doing. Every one was caught up in the middle. Every one were hot like they just were shot but they did not know they are bleeding . Every one were excited , about buying very expensive homes that they could not afford and then 6 months later they could refinance or took Home equity loans. Lets not act ignorant , there were a lot of things were wrong with these practice and I solely hold the big Boss responsible on lending industry that they knew all along what they were doing.

Poor consumer just took whatever they have been told they could afford.
look at us now, lender would ask for so many documentation in order to approve small loan. Why they could not enforce these practice back then? I think now they will come up with the Loan term that would call “More DOCS LOAN.”
You know look at these irresponsible consumers who took these bad loan as a baby playing with Knife. If you give anything to the baby he/she would play with it , even sharp knife. Because that is what baby does.

I strongly believe these people who got scummed and sold into a bad loan should get relief and those who committed the crime and sold those bad loans , should get the time. All their asset should get investigated and they should put behind bars, not getting more bail out money and cut them self higher check. Where is the Justice? why the criminals getting rewarded instead getting punished? And the poor average people who got scammed now being forced out of their homes and funny part all these bail out money come from every one of us Tax payer even the one who are  loosing their homes. Everything is wrong with this.

Get people relief and lets get out economy back on track instead  playing political games  in Washington DC. We need relief.