Don’t do the crime if you can’t do the time. This saying comes to mind with the latest banter back and forth about the mortgage foreclosure moratorium. What is happening in the real world and not in the media’s demented mind and the mind of special interest groups is people aren’t paying their mortgages – PERIOD! If they were making their payments as many of us are and as we agreed to do when we signed our deeds of trust – regardless of the home’s value – they wouldn’t need to worry about whether their paperwork was Robosigned or not. As many of us have heard at the settlement table, “you pay stay, you don’t you won’t” has never been more applicable.
The moratorium on foreclosures is bad for our industry and the economy as a whole. We can’t get out of the mess we are in until we flush through the mass amounts of REO inventory the banks, Freddie Mac and Fannie Mae are holding in their inventories.
Let’s make the right decision to help the country get back on its feet and get the housing market back on its feet and stop talking about any type of mortem. Get it? Got it? Good!
Now, go sell something!