Tuesday, December 07, 2010

My Mother/Foreclosure\Taxes

Elliot Ganchrow writes:

Yesterday my family had the opportunity to celebrate my mother's 70th birthday which will actually occur later this month. It was a fitting tribute to an incredible person. The party included a poem recitation by her 10 grandchildren and a video presentation which depicted her life in pictures. A special thank you goes to my sister Malkie for putting together the party and to my wife, Brina, who put together the video. Happy birthday Mom!

Yesterday's New York Times featured an article about a woman in Florida who has been fighting foreclosure on her house for the last 25 years. Articles about this topic miss an important point which cannot be stressed enough. The homeowner in this case admits that she hasn't paid her mortgage payments in 25 years. Therefore there is no question that she should lose her home. The fact that she (and her lawyers) have been able to string along the banks is a disgrace. In the vast majority of the cases where homeowners are fighting foreclosure by alleging technicalities, the fact is that the homeowner has stopped making payments on their mortgage. States which make it difficult for banks to exercise their remedies (like New York where it can take two or three years to foreclose) need to immediately reform their laws to cut down on the time needed to foreclose. The harder it is for banks to foreclose on defaulted loans the less willing they will be to lend money in the first place.


It appears as though the Republicans are about to win on their signature issue and gain a full extension of the Bush tax cuts for all Americans. If so, this would be a phenomenal victory for Conservatives and a sure sign that Republicans have the back to their winds in their quest to reshape America after a disasterous two years.