How I would love, LOVE, for someone to find someone, ANYONE, who entered foreclosure who actually fit the media’s criteria of an “innocent victim”.
That the city of Boston and Commonwealth of Massachusetts have initiated programs that NO ONE is taking advantage of, should tell you lots.
The Globe perpetuates this myth – just today, the newspaper editorializes that more needs to be done:
“Much of the problem stems from the subprime mortgage market that lured unstable or unsuspecting buyers with low introductory rates. When payments rose, owners defaulted, often leaving tenants in the lurch. Some of these owners never should have received financing in the first place. But many could still be in their homes, if more lenders would agree to modify their loans.”
In my opinion, no one has yet to prove that the majority of foreclosures are a result of those who couldn’t afford resetting rates. In fact, there is reason to believe that many borrowers were past-due and headed for default, on day one.
The Globe, as well as just about every other newspaper, is suggesting that “more needs to be done” because of “innocent victims”; if those who were losing their homes were complicit in these “crimes”, then no one would want to help them, regardless of the effects on two neighborhoods within one city out of 351.
George Will (I never thought I’d be quoting him!), had this to say in a column in the Washington Post:
“Casting this minority of a minority as victims of “predatory” lending fits the liberal narrative that most Americans are victims of this or that sinister elite or impersonal force and are not competent to cope with life’s complexities without government supervision …
… The 96 percent of mortgage borrowers who are fulfilling their commitments, often by scrimping, may be grumpy bystanders if many of the other 4 percent — those who found the phrase “variable rate” impenetrably mysterious — are eligible for ameliorations of their obligations.”
(You can just see him humped over a computer monitor, seething and sneering as he wrote those words, can’t you?)
So far, we’ve seen government proposals that would hand out $100 million (city of Boston), $250 million (Commonwealth of Massachusetts), and $300 billion (Congressman Barney Frank) to people. I’m sorry, I mean to “unsuspecting” borrowers.
It’s hard to find compassion in people, especially in Massachusetts, given our “Puritan” ways and means.
Or, maybe it’s just me.