Thursday, May 5, 2011

Judicial Over Reaction to the Foreclosure Crisis

A judge in South Carolina has placed all foreclosures in that state on hold as of this week so homeowners could "mitigate their losses and perhaps modify their loans". Do you know who this really helps? JUDGES - all it does is reduce their case load. But it's their JOB to review these cases individually rather than to make blanket decisions, and this judge is simply lazy and derelict in her duty. This damages the real estate market by forcing lenders to have bad loans on their books for longer periods of time and thus makes new mortgage money less available for new buyers. Like many judges, this one is acting as if she is all powerful and has the authority to make law rather than merely interpret and apply it.

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