All of this foreclosure grand standing is trying to have the banks pay local Governments more money. The end of the day, the home buyer signed a contract agreement to pay back money in exchange for staying in a home. If you do not pay, you do not stay. It is a matter of common sense and principle.
The "Chain of Title" issue is a smoke screen. Once again, our Government is promoting infantile tactics of "those evil banks" and we, your Federal Government is here to protect you. Follow the money.
As the economic crunch hit every tax payers' pocket book, we all know we must streamline our expenses to make ends meet. Our Government does the opposite. Our dependents/Government employees, are still demanding the same money. They are looking to squeeze more money out of the private sector to support their continued irresponsibility. Hmm? Bank bailouts (smells like money)? How do we, your irresponsible Government dependents, get our hands on that money?
That's right, how about if we politicians, place on our Superman capes, call the banks evil and get our hands on more of the money. If we can convince the public, via our media arm, that the banks created the problem (by following our legislation and red tape) and now taking advantage of those poor unknowing citizens. Bad, bad banks!
Nice for a cartoon but far different from reality. Follow the money. Local, State and Federal Governments have been on a spending spree buying voter loyalty for years (we call many of these created positions as"job creation"). The money stopped flowing and the Governments are looking for their cash cow. They now want the banks to pay attorneys and recording fees every time a mortgage is sold to another lien holder. It is irrelevant that all conditions stayed the same. It is irrelevant that this enables the economy to operate, it is all about the money.
In the end, the people that are not paying their mortgages will not get their home subsidized by the American public. All money ultimately comes from the tax payer and that is me and you. We can not afford to also pay for our neighbor's mortgage. What will happen is the banks will submit to the Government extortion and pay the Governments more money on each mortgage transaction. The cost will be passed on the the consumer in higher fees. The Government will stand valiantly with there savior cape flapping in the wind, the public will not be the wiser and the Government have raised their income via your pockets and they want us top be grateful. Thanks Superman!
I love my country. Their are checks and balances built into the system to actually protect us. Absolute power corrupts. Our politicians need to return to their intended purpose which is to "serve" the public. Foreclosures will continue and this is an economic crisis that we need to weather. The media arm of the Government will continue to try and blackmail the banks into submission. They want to scare you, the public from buying foreclosures. If the banks can not sell their defective asset then they must give Superman (pay the bribe) if they are to survive.
I hope we are all intelligent enough to see through this latest rouse. Our nation depends on it. Share your opinions. Ideas are always welcomed. Please do not insult your intelligence by merely repeating a political line. Ultimately banks have nonperforming assets. These homes will be foreclosed upon as is their legal recourse. New home buyers will have options of a discounted Foreclosure home. There are many fantastic deals in the greater Charlotte Real Estate market. We must be wise enough to recognize a deal. A home is not intended to be an income. It is your home.