Back in December on 16, 2010 the banks stopped all Foreclosures, until January 3, 2011. During the mean time they were doing all the paper work to remove you from your home on Jan. 4, 2011 On Jan. 4, 2011 the banks are going to start removing home owners and families from their homes (that's about 30,000-$50,000 families in the United States). Even if there in the middle of a refinance of their loans, banks are going to remove them out of their home. The banks will leave the homes vacant with no up keep causing the property values to drop more and raise crime rates.
My plain is to leave them in the homes charge them minimal rent to keep families in the homes, and work with families to refinance their homes. If it doesn’t work then have them stay in their home while it’s on the market and pay the families moving money, when the home sells. Then the property values will remain stable crime will remain low.
Once again we are seeing the results of big government liberalism. Banks were forced to give loans to people that couldn't afford them. They came up with adjustable rate mortgages starting at low rates to make it look like the banks were putting people in houses.
ReplyDeleteNow people are being foreclosed on because they can't afford the higher rates. Now banks were forced to stop the forecloser process by big government. So they get around it by starting the paperwork ahead of time.
Back in the 70's Nixon tried price controls. So businesses came of with slight variations on products to get around the controls.
California had price controls on electricity in the 90's. The result was once the controls were lifted, people in Washington State were paying more for power.
Big government liberalism will always screw up a good system, and make a bad situation worse.
Click here for a related story from Massachusetts. (I can't believe I spelled that right on my first try.)