Lenders on Foreclosures: Let’s Get This Over With
Jul 31, 2020249.2K Shares8.3M Views
Instead of a national foreclosure moratorium - an idea that has the supportof President-elect Barack Obama - homeowners in trouble should just accept foreclosures and move on, lending industry insiders say. Their comments come from Housing Wire,which cited an industry survey quoting lenders as saying a national moratorium would have dire consequence for the housing market.
From Housing Wire:
“„“The banks don’t know how badly they’ve messed up and so they are like deer frozen in the headlights,” said one respondent. “The people who can’t pay for their houses need to be able to move on, not hang around longer. Do the short sales, do the foreclosures and get this mess over with.”
It should get interesting if the Obama administration pushes early on for the moratorium. Lenders have a powerful, well-funded lobby, and they’re not likely to just sit by and let it happen. Also, the “let’s get this over with” attitude probably has something to do with the slow progress of loan modifications.
It’s also something easy to say when it’s not your home at risk.
Dexter Cooke
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Dexter Cooke is an economist, marketing strategist, and orthopedic surgeon with over 20 years of experience crafting compelling narratives that resonate worldwide.
He holds a Journalism degree from Columbia University, an Economics background from Yale University, and a medical degree with a postdoctoral fellowship in orthopedic medicine from the Medical University of South Carolina.
Dexter’s insights into media, economics, and marketing shine through his prolific contributions to respected publications and advisory roles for influential organizations.
As an orthopedic surgeon specializing in minimally invasive knee replacement surgery and laparoscopic procedures, Dexter prioritizes patient care above all.
Outside his professional pursuits, Dexter enjoys collecting vintage watches, studying ancient civilizations, learning about astronomy, and participating in charity runs.
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