Comments on: Halting Foreclosures

By: Myra

Myra — Wed, 30 Jul 2008 15:27:20 +0000

My neighbors are among the families that are in trouble. They have lived in their house for seven years. I would hate to see them go. So I would vote for whatever will work for them to stay. Their kids are real sweet.

By: terrence

terrence — Tue, 29 Jul 2008 04:58:30 +0000

It’s actually a sad truth that the government and the real estate industry has hurt so many people by instilling in their heads that home ownership is the road to wealth. People used their houses as piggy banks and kept taking money out. They just never realized, someone had to put the money in there in the first place.

By: terrence

terrence — Tue, 29 Jul 2008 04:56:25 +0000

Why should the government save people who got in trouble? Why should I care if someone moves to another, cheaper state? I hope people do! The outflow of people would actually cause a drop in demand for housing, making housing prices go down even further.

By: bluestreak

bluestreak — Mon, 28 Jul 2008 19:57:16 +0000

I don’t see what the big deal is?! OK, there are families out there who cannot afford their mortgages. Somehow they have been paying the loan but are now feeling the burn of a wrong decision. You know what this is? A bad gamble. Just like in Vegas, when you play and play but keep losing, what do you? You cut your losses. Let’s face it, even if these families continue to pay their mortgage somehow, the loan is so large that they will never own their house. So what are they fighting for? What American Dream are these people on the radio referring to? A dream to be in debt for the rest of your life? These politicians make me sick. What nonsense! These struggling families need to cut their losses and start anew. Let the foreclosures happen. These families can find reasonable rent and then over time they’ll be able to do things like save for retirement or supplement their kids’ education.

By: Anonymous

Anonymous — Mon, 28 Jul 2008 18:14:25 +0000

The government needs to step in. If you’re in southern California, drive through Rancho Cucamonga and Riverside. People have already started to abandon their homes. No foreclosure signs or anything, just overgrown yellow grass and mailboxes full of mail. Where do you think these people will go? Let me tell you, it’s not Mexico or Canada, but another state. These people who are in financial trouble will bring their woes interstate and destabilize those states that are doing okay. A moratorium is not the ultimate solution, but it will at least contain these people until the government and banks figure out what to do next.

By: John

John — Mon, 28 Jul 2008 15:06:36 +0000

I agree that this moratorium is not the solution for those families who will lose their homes because they can’t afford the mortgage. Setting aside the “American Dream” argument, what if we kept these families in homes they can’t afford? Does that really fix the underlying problem for those families? Let’s say the government goes through with this moratorium. What will happen? These families would (a) have to continue to live with the anxiety and stress of minimal to no savings; (b) still pay a loan they know they can never payoff; (c) continue to use their credit cards to pay for everyday items (because almost all their money goes to the mortgage); and (d) end up in the same predicament after the moratorium ends. Bottom line: a moratorium will NOT put these families in a better position.