Peak Oil Madison 
Member since Jun 30, 2009


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Re: “Foreclosure and its Aftereffects

I think it is counterproductive and absurd for banks to kick people out of their homes due to
circumstances beyond their control - such as with a tanking economy and subsequent job
loss. I believe a moratorium or temporary payment reduction based on ability to pay should
be imposed on the outstanding mortgage until economic conditions improve and jobs are
restored.

I think the USA is the worst country in the "G8" and among the worst in the world regarding
housing security and the swiftness in which helpless people are kicked from their homes
and made homeless!

As you see, in most cases, the forclosed houses bring in zero payment to the bank and
instead decay and cause blight in communities. If the families could remain in the houses,
even with reduced or delayed rent or mortgage payments wouldn't that be a better
solution both economically and socially? Duh?

Posted by Daniel Draffen on 06/30/2009 at 5:30 AM

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