Forum Post: (Fraud) Foreclosure Moratorium + Loan Modification to Heal the Total Economy
Posted 11 years ago on Oct. 16, 2011, 5:51 p.m. EST by UnemployedLaw
This content is user submitted and not an official statement
The economy cannot enter a recovery until the housing market heals. The reason is that people are experiencing "shelter insecurity" in which they will not reinvest into their homes without knowing whether they will be foreclosed upon and thrown out by the Sheriff's Office. Therefore, there should be a five-year moratorium on all residential, single-family houses. Then, those mortgages need to be modified to (a) reduce principal and (b) interest.
Since the banks were bailed out---and made 100% profit by securitizing these mortgages---they want to triple dip: (1) make money on the securitization; (2) make money on the bailout; and (3) make money servicing these mortgages.
The total economy cannot, and will not, recovery until housing is stabilized. Housing can be stabilized when a foreclosure moratorium is instituted and the loans are modified during the moratorium period.
Read the Rules