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BS. Courts all over the country are outright dismissing foreclosure actions on those who haven't made their mortgage payments in 5 or more years, due to Statutes of Limitations. They're NOT still paying, and they're NOT even paying lower payments. They've paid NOTHING for 5+ years, and can keep their homes without ever making another mortgage payment.
Those are old laws......the banks don't care because the taxpayers have already paid for those homes. They aren't paying because the banks and politicians never actually intended for it to happen despite it being sold that way to the public.
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No one put a gun to anyone's head and forced them to sign mortgage loan documents. Irresponsible borrowers are equally to blame, but they're getting free homes paid for by U.S. taxpayers.
No, they are not equally to blame....some hold some blame but many others lost their jobs when the collapse happened.
Those are old laws......the banks don't care because the taxpayers have already paid for those homes.
They're not old laws. Foreclosure dismissal judgments are still being issued to date. And if the taxpayers already paid for those homes, why was an additional $2 Trillion in QE needed to buy the compromised GSE-issued MBS?
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No, they are not equally to blame....some hold some blame but many others lost their jobs when the collapse happened.
People lose their jobs for any number of reasons. Not all of them stop making their mortgage payments for 5+ years while still living in the mortgaged property.
And, yes, taking out a mortgage when one has no backup plan for a financial emergency or job loss IS irresponsible on the part of the borrower. PERIOD.
Like buying a new car and never putting gas in the tank....you just watch it deteriorate, its usefulness sacrificed for the image of a new car in your driveway and the envy of all your neighbors.
They're not old laws. Foreclosure dismissal judgments are still being issued to date. And if the taxpayers already paid for those homes, why was an additional $2 Trillion in QE needed to buy the compromised GSE-issued MBS?
I explained that. You don't really care, you are only interested in veiled defense of the banks.
No, you didn't. You just incessantly whine about the less than $1 Trillion to bail out Wall Street, most of which has been paid back, but you neither know or admit anything about the $2 Trillion in QE spent to bail out Main Street Americans who haven't made their mortgage payments in 5+ years, and are getting courts to dismiss foreclosure claims on their mortgaged property due to Statute of Limitations laws.
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"There are tens of thousands of homeowners who have missed more than five years of mortgage payments, many of them clustered in states like Florida, New Jersey, and New York, where lenders must get judges to sign off on foreclosures.
However, in a growing number of foreclosure cases filed when home prices collapsed during the financial crisis, lenders may never be able to seize the homes because the state statutes of limitations have been exceeded"
Punishing "underachievers" is the start down a very slippery slope to eugenics. All it needs is a variable definition of "underachiever". Providing "underachievers" with enough purchasing power to participate even a little in the economy is a desirable thing to do. the "overachievers" and hyperachievers" can take care of themselves and most do very well at it.
We've done this many times and each time it's just you trying to defend the corrupt system.
No, I'm stating it's even MORE corrupt to give certain people $2 Trillion worth of homes for free, while others dutifully make their mortgage and rent payments.
So why are all you good dubies still paying mortgages? Why not be smart like these entrepreneurs and cheat like any big business?
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Courts all over the country are outright dismissing foreclosure actions on those who haven't made their mortgage payments in 5 or more years, due to Statutes of Limitations. They're NOT still paying, and they're NOT even paying lower payments. They've paid NOTHING for 5+ years, and can keep their homes without ever making another mortgage payment.
