MA Declares a Moratorium on Foreclosures?!

[tangouniform]

Good news, everybody!*

MA is going to bat for all those poor, downtrodden masses of FBs. They’re going to “put the arm” on the mortgage industry and “ask” them to halt foreclosures on properties for a period of time.

Developing story here

*For you Futurama fans…

[LookoutBelow]

Hahahaaaaa !! What total dipshits !

They (govt) are complicit, but they sure didnt see anything wrong with it while their own houses were appreciating at 10 % per month !!

 Now they finally see it as a problem ?… Hahahahaaa…nothing they can do will stop this slow motion train wreck

[no_such_reality]

“The state secured 60-to-90-day freezes on foreclosure for most of the protesters.”

Woohoo like 60-90 days is going to make a differece to somebody with a toxic mortgage.

[kev374]

Yeah, this is a joke…how is a 90 day freeze going to do anything but delay the inevitable?

[AK]

I suppose a 60 to 90 day delay could:

(a) Help someone find competent legal representation in cases of bona fide fraud or abusive servicing.

(b) Help an FB find new housing thus (maybe) keeping them off the streets or off the dole and reducing the direct cost to the state government.

(c) Discourage legitimate lenders from doing business in Massachusetts.

[hipmatt]

So the lenders and banks are required to sit and do nothing while the poor victimized home owner skips payments… Thats gonna last. I don’t see how this can be legal or right? Banks have the right to foreclose on the homes when borrowers can’t repay, no matter how ridiculous the loan terms may have been. That is stated in the contract. If they are going into foreclosure, they have probably already waited 90 days anyways.

Let me guess.. the next answer to the problem… have the tax payers make the payments while the homeowner isn’t, until the poor guy gets back on his feet. Booo Hooo 🙁

[Author]

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