Questions and answers about the foreclosure freeze
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#1 Oct 19, 2010
The speculative financiers that created these exotic mortgage products to make money, and the irrresponsible homeowners,(not looking at those that lost jobs or had medical emergencies), that had bigger dreams than sense, these two groups together were the weak link that triggered the financial collapse. And, I think the "Tea Party" that erupted in August, 09, and is still there but being manipulated, is a natural emotional response to this and the "health care" reforms, from those middle of the road people that have lived by the rules and laws of the land, and are fed up with this behavior that is so alien to them.
My guess is a foreclosure process isn't initiated without the homeowner not paying their mortgage or taxes in every case. I am in favor of a renegotiation of the term - say to a 30 year mortgage, or on the interest rate, but to reduce the principle for those "underwater" is discriminatory to more responsible Americans who make their payments to the banks and gov't, to those that don't owe anything and to those that rent, and I am emotionally not for it.
#2 Oct 19, 2010
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