CA is seeking to suspend all FHA and Fannie foreclosures. Are we ever going to get out of this mess? The longer they delay the process the worse it is going to get.I thought we were moving forward with the process and had cleared up the robo signing mess.They want to suspend foreclosures until all is cleared up. Who is going to make that determination? Suppose it takes 5 years? People are already getting a free ride for up to 2 years. How can that help anyone except the homeowners?
The truth is that most of these folks really took on more than they should and have to pay the price. Everyone had a choice as to whether to refi and refi again and pull out more money. True some folks lost their jobs and can’t afford to keep their houses but this always happens. Situations change and life happens. These folks should get some help. How about the program that was talked about making lenders equity share holders in return for reducing payments or loan balance? That makes perfect sense and is a win-win for everyone.