The credibility of the United States of America is now at risk. NOBODY in the world is going to have confidence buying US debt anymore. The monkeys running our government are now telling investors that loans no longer have to be paid in the good ol' USA. Crime pays. Mortgage fraud will not be prosecuted. Loans do not have to be paid back. And money will fall from the sky.
ALL banks in the Delaware Valley and the WORLD should put a big red line around Philadelphia - no more mortgages there – ever again. Lenders can play this game too...
—NOBODY in the world is going to have confidence buying US debt anymore—
A blessing in disguise. If nobody buys our debt, that will force the USA to finally tighten its belt.
Why does this have the smell of a test drive for more widespread nonsense.
Can’t let a little thing like the contracts clause of the Constitution get in the way of political grandstanding, can they?
I’m not a doom and gloomer, but to see a city announce that banks cannot sell foreclosed properties does remind me of “Atlas Shrugged”. Who wants to participate in that sort of economic arena?
Great post. Will Hillary and Barack be questioned about this in the upcoming Pennsylvania primary?
Maybe I missed it, but I didn’t see any mention of a corresponding moratorium on tax foreclosures....
Oh, yeah — this gummint... Do as I say, not as I do...
Now, when you consider the powers that the city DOES HAVE, the city didn't give them a 100% abatement on property taxes, did they? The ability to apply the entire tax escrow balance to the loan might be enough to bring the loan out of foreclosure, no? And suspending the escrow contribution might be just the temporary adjustment these homeowners need to buy the time necessary to refinance.
And let's talk about tax liens - I wonder what the city is doing there.
Nope, politicians playing with OPM again.
Well, well, well. I live in a surrounding suburb of Phily and we’ve been trying to buy a house that went onto the foreclosure list a month after we submitted our bid (short sells are notoriously slow). Everything was going relatively well, then Citigroup sold its loans. The new lender would have gotten at least 90% of their current loan with our bid. About a week ago, within days of their acquisition of this loan, they immediately refused our offer and said we’re gonna wait until we get the full amount, plus bankruptcy expenses from the new buyer. This house has sat on the market for a year and we are the first qualified buyer who offered a reasonable bid. I’ve thought all along that government rumors of playing Santa Claus ruined this sell for us.
.
I watched a friend of mine "go broke". Then I watched the patio being built, the new pool, a "rental car" which was an arm and a leg in the end...
How did they pay for this "stuff"....Easy..they did a refi.
When they sold their home, there wasn't any equity....They had already spent it!!
yeah - but theyll probably get whacked with abitrary and capricious practices or some other nonsense
does this mean I can stop paying today ?
I wonder if the same ruse will work on the IRS
I hope Philadelphia gets the butts sued off.
However, the 90% of Philadelphia mortgagees who were not in arrears are no doubt very, very happy that they no longer need to bother to make mortgage or tax payments! (That new plasma TV must be pretty appealing right now!)
This couple and 3 children had a fair but not huge income. They got paid, bought groceries, bought playthings for the children, a new tv or something for the home if they wanted, and if they had anything left over (sometimes they did, sometimes they didn't) they put it on the rent.
We will never know,of course, but I just wonder if many of them have that kind of attitude.
We finally got rid of these renters after my husband found out they were cutting our trees on the backside of the property to use for firewood instead of paying to have the propane tank filled.
vaudine
Looks like we’re all headed toward a national Habitat for Humanity housing development.
Banks can’t foreclose, tenants can’t sell.
How do socialists always know what NOT to do? And then do it?