Is it time for a moratorium on foreclosures? It’s an idea that rears up from time to time, and there are plenty of opinions on both sides of the debate.
And although I believe that a total moratorium on foreclosures would have a very positive short-term effect, I believe that the long-term effect would be disastrous.
Allowing the problem to fester will not make it go away. How much better to treat the root cause of the disease than it is to deal with the pathology of failure?
Unfortunately, the issues are complex and every borrower’s situation is different. A lot of people CAN’T pay anymore, and there are others that WON”T pay. There are as many victims of circumstances as there are those trying to profit from the debacle.
And who is to say which one is the former of the latter?
But at the end of the day, there has to be a clear understanding that debts need to be repaid. It’s a simplistic principle but it goes to the very core of our mortgage system.
If there is no expectation of repayment, no investor will consider mortgages as a viable equity.
Like it or not, our societal view of obligation v. option has dramatically changed. And it is NOT a good thing.
Short-term fixes are not the answer,
It’s time to make the hard decisions to protect the future of home ownership in America.
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