You know what we really need to fix this country? Tougher laws and tougher enforcement.
Am I right?
Of course not. Well, at least not when it comes to the housing crisis. (Is it still a crisis anymore? Not sure, but anyway.) Some people up in Washington have decided that what we really need is to get tougher at going after people who walk away from their mortgages. Yep, we need to really punish them badly and that’ll fix the whole system.
That’s a load of bull. The only thing they’re trying to fix is their bottom line. The FHFA is worried that it’s missing out on collecting some overdue payments so it wants to hunt down some of the 14,000 of them it thinks it can still squeeze some money out of.
I think that’s probably one of the worst ways the federal government can spend our money. These people didn’t walk away from their mortgages because they felt like a change of scenery. They walked away because they were stuck in a hopeless situation. You don’t gain anything by running after them making their lives miserable.
But what you should be doing is fixing the system that made them hopeless in the first place. Invest in short sales, revamp the mortgage system, and help people so they don’t get taken advantage of.
But that’s just my two cents. If you think differently please feel free to speak up now.