MA bans foreclosures

[MattTheSkywalker]

State of Massachusetts imposes foreclosure moratorium. Of course, banks can keep booking interest payments or capitalizing interest, I'm sure.

It would be nice to see some state pension fund money invested in the subprime sector. A$$holes.




MA Declares Moratorium On Foreclosures
Move Against Predatory Lenders Is Unprecedented

BOSTON -- Massachusetts has become the first state in the country to declare a moratorium on foreclosures stemming from predatory lending.

Homeowners will now be able to submit a complaint to the Division of Banking.

The division will then call the lender and ask them not to forclose.

The move comes after dozens of homeowners marched on the State House last week, demanding a meeting with Gov. Deval Patrick.

The state secured 60-to-90-day freezes on foreclosure for most of the protesters.

Homeowners having trouble will also be provided with housing counselors.

If you need help, you can contact Neighborhood Assistance Corporation of America at (617) 250-6230. You can also find more information on their website: Neighborhood Assistance Corporation of America

Source:
http://www.thebostonchannel.com/news...76/detail.html

[The Diabolical Biz Markie]

That's very "Hugo Chavez" of them. They need to think a few plays ahead, because it seems to me that the logical result of their actions would be to crater the MA housing market, via much tightened underwriting guidelines.

Do you REALLY want to exacerbating the lack of demand in housing right now, by cutting MORE people out of the pool of potential buyers?

[D.W. Simpson Webmaster]

Ah, I see they're following the late 80's Japanese model, and that worked out really well.

[The Diabolical Biz Markie]

At one point, a long while ago, I predicted a decade long recession for the US, following the pattern in Japan.

A bunch of people successfully talked me out of that position, but now I am not so sure. It seems to me that the Japanese problem manifested itself in "gargantuan amount of bad loans", the digestion of which crushed their economy.

eh...I could see that happening here possibly.

[MattTheSkywalker]

Originally Posted by The Diabolical Biz Markie

That's very "Hugo Chavez" of them. They need to think a few plays ahead, because it seems to me that the logical result of their actions would be to crater the MA housing market, via much tightened underwriting guidelines.

Do you REALLY want to exacerbating the lack of demand in housing right now, by cutting MORE people out of the pool of potential buyers?

Chavez is sitting on about a trillion dollars in the ground. He's smarter than these guys. And I applaud him for ditching the World Bank. If he goes to to a gold standard, I'm moving South.

Anyway, these Mass-holes have all but guaranteed a decline in tax revenues for their state. Schmucks.

[SamTheEagle]

Originally Posted by MattTheSkywalker

Chavez is sitting on about a trillion dollars in the ground. He's smarter than these guys. And I applaud him for ditching the World Bank. If he goes to to a gold standard, I'm moving South.

Anyway, these Mass-holes have all but guaranteed a decline in tax revenues for their state. Schmucks.

So let me get this straight. The same guy who rails against the evil of the government indoctrination in the US public school system wants to move to the Socialist Republic of Venezeula?

[Juris Doctor]

My god I hate this state.

[MattTheSkywalker]

Originally Posted by SamTheEagle

So let me get this straight. The same guy who rails against the evil of the government indoctrination in the US public school system wants to move to the Socialist Republic of Venezeula?

Nah, I was being silly. Commies don't go on a gold standard.

[MountainHawk]

Originally Posted by Juris Doctor

My god I hate this state.

Welcome aboard!

[notreallyme]

Well this seems like a good idea

Gov't the fixer of all.