Tuesday, October 12, 2010

A Federal Answer to a Personal Responsibility Question, NO!

I am already sick of hearing about freezing foreclosures. The level to deal with alleged deficiencies in the paperwork is in your dispossesory trial. A foreclosure is a legal proceding. It has rules. It seems that nobody in the 21st Century wants to play by the rules -- not the homeowners, not the mortgage companies, and not the government.

Look, mortgagees, you made a deal to pay for a loan of money. Pay it. Or give up the house!

Ok, you, bankers, play by the rules. I don't care how many houses you have in foreclosure right now. Dot the "i"s and cross the "t"s. File the paperwork the right way. Make sure you have the paperwork in hand. No cutting corners.

And you, Government, allow the bad loans to play themselves out and clear the market, or we will never recover.

And while we are at it, all of you in the press. The proper place to play this out is in the courts, not the Executive Branch, or the Legislature. The banks and borrowers make a contract. Allow contract law to be settled in the courts on a case-by-case basis as it should be. Believe it or not, the bank doesn't just show up one day and take the house. There is a legal procedure where the mortgage holder must file in state court for default and remedy. AND, the borrower has the right (read duty) to answer the complaint. If there is question of the standing of the lender, the debtor should make it known then. If you have been sending (or not sending or you wouldn't be here) your checks to Washington Mutual and Bank of America is filing your dispossessory, make it known in your answer. If you are in default you do not have a right to your house. Sorry, Charlie.

And finally, anything but enforcing the contract against delinquents is unfair. UNFAIR to those of us who live within our means, pay our bills, and fulfill our promises.

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