I just read an article in the Los Angeles times Business section stating that our State of California is asking Freddie Mac and Fannie Mae to STOP foreclosures. Â I am not sure if this is good or bad. Â What is your take on this?
What I mean is how will our housing crisis EVER get better if there are NO jobs? Â People will never be able to pay their mortgages so does that mean they just get to live in their houses for basically free while everyone who is working pays a mortgage? Â People that pay their mortgages may just get fed up and say why should I work? Â Why should I pay my bills when others are not? Â Do you see where I am going with this? Â We will really be in a heap of trouble if people start taking on that attitude.
Attorney Gen. Kamala D Harris wants a pause on foreclosures here in California. Â Why? She wants to make sure that these two entities are doing what they should be with principal reduction. Â She thinks that they are not doing enough for borrowers. Â She even asked Edward DeMarco to step down from the FHFA (Federal Housing Finance Agency). He was the head of this by the way.
She believes that because Fannie Mae and Freddie Mac are not doing enough for loan modifications. Â I donâ€™t know where it all will end, but the fact still remains that our economy stinks and we really need someone to help create jobs so that folks can make their mortgage payments. Â If they cannot, it is not fair that their homes do not get foreclosed on and for them to live in their homes for free while the rest of us do pay our mortgages. Â If it keeps up, everyone in our Country will just want to live in their homes for free and not work. Â There should not be a entitlement factor, America was founded on hard work. Â Whatever happened to that?
I understand there are a lot of folks out there that do want to work and that are not living off the system. Â The system is there for folks that truly need it. Â Welfare recipients should not plan on living off of welfare forever either. Â I agree that they should be drug tested and that they should have to pay back their benefits after a certain amount of time. Â Unemployment is there to help people too, but I know many folks pretend they are looking for jobs and are not because they really donâ€™t want to work. Â They want to do whatever. Â These programs had good intentions of helping folks, but there are always people that try to undermine the system and get away with it. Â The problem is that it is too hard to police this, but hey, there we can create some jobs to do so.
I donâ€™t know if I agree that our State should stop foreclosuresâ€¦what is your take? Â I understand many loan modifications do not work out, but how do we fix our system? Â I donâ€™t think there is an easy way. Â Give me your ideas, your suggestions!
Joan Patterson, B.A., A.S.P., G.R.I., Realtor, License #01431647
Keller Williams Realty