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Mar 21, 2013

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Are 'deadbeat banks' to blame for Detroit's crisis?

Even if the taxes had been properly collected in a timely manner the current blight would still exist. It is stereotypical to blame it all on freeloaders. Speaking in absolutes is rarely accurate. The problem is complicated- sure, unpaid taxes contributed but so did the incredible amount of job losses. It is not necessarily true that everyone who lost their homes to foreclosure expected everyone else to pick up the bill- some were victims of mortgage brokerage fraud. Many other factors may have contributed to the collapse like death in families, divorce, long term unemployment, etc. Many people feel strongly about paying their own way but meet up with overwhelming circumstances over which they have little control. Yes- the deadbeats and freeloaders exist too, but to blanket define the whole mess as such is not constructive to solving the issue: how to attract home buyers to change the blighted areas to thriving neighborhoods. Tax collection reforms won't be enough- there has to be attractive wages available, low home prices, available financing, good schools, etc. Its going to need risk takers who are willing to make the initial investments that may take a long time to realize profits. Some information that might help: The National Mortgage Settlement provides help for borrowers and for those who lost their homes due to foreclosure (between 2008 and 2011). The Making Home Affordable Program may help as well. For info on the settlement see the Dept. of Justice website. For info on the Program go to the url- http:/www.makingho  (Mar 21, 2013 | post #8)

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