The Foreclosure Settlement: Good Deal for Homeowners, Or Not?
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While the recent foreclosure deal may (eventually) mean the end of the housing crisis, it’s not without controversy.
Some say it’s the American public that will be left holding the financial bag, even if it seems on the surface that it forces lenders to do things like offer principal reductions and home loan modifications at low-low rates. One commentor on the Bloomberg.com article, Foreclosure Settlement Falls Short, Still Worth the Wait: View, wrote, in part:
. . . who is it who will really pay for this? If you think its the banks, you havent been following the bouncing ball for awhile. NO ITS YOU THE TAXPAYER…because they are just going to write this stuff off and then some. THAT’S THE TRUTH no matter who tells you what.
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The End of the Housing Crisis?
No matter how you cut it though, in the end, if it brings an end to the home foreclosure crisis, then it just might have been worth it. As the aforementioned article notes:
Once banks reduce their real-estate inventory, and their balance sheets recover, they’ll be able to loosen up home- lending standards to create new mortgages. If this is the result of a less-than-satisfactory legal settlement, it will have been worth the wait.
Although, jail time for some of those who had a hand in this foreclosure mess would have been nice. I mean, what Average Joe could commit a crime of this magnitude and get away with it?
Only in America folks, only in America.
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Home Loan, Bad Credit and How to Qualify: Yes, It’s Still Possible, But . . .
Home Foreclosure: The New Credit Standards to Qualify for a Mortgage Brought on by the Crisis
Foreclosure & Credit: How Does Foreclosure Impact Your Credit Report?
Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)
First-Time Home Buying Advice: Is It Better to Buy a New Home than a Foreclosed Home?
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©2012: Yuwanda Black for Foreclosure Business News. Article may not be reprinted or reproduced in any manner without the express, written consent of the author.