Michael Cassady replied on Permalink
Foreclosure abuse
Though descriptively, if not definitionally, a Progressive, I believe the Obama administration is right in investigating first to see the scope and depth of the issue of incorrectly processed disclosures. A blanket freeze on foreclosure processing makes good frustration-expression, but, in reality, is something like asking for a delay in the sunset to give you time to find your camera. Disrupting the present restructuring of the housing market would impede rebuilding the economy and finish by costing a great deal of money that ordinary people would end up paying out. Preliminary evidence at the Justice Dept suggests the over-whelming proportion of allegedly fraudulent foreclosures could not be circumvented by re-examining the mis-administered documents. An investigation should find those guilty of fraud and prosecute them; which can be done without a freeze. The present SNAFU should not be seen as a political opportunity to force lenders to absolve all borrowers faced with foreclosure of taking responsibility for making an imprudent investment in a home.
