The mortgage business has been conducted with only the bottom line in mind, without conscience, without concern for community or long term stability, resulting in the mortgage crisis. Because it is the bankers – the men whose sole job is to make money at the expense of the average Joe (who didn’t study finance) – who devise the most complicated, undiscoverable ways to profit, a very few people are wealthy while many, many are facing foreclosure. Refinancing, with one’s home as collateral, should be outlawed. We need a separate finance system for homes. Home ownership should be sacrosanct – not open to unscrupulous people to profit from.
You can’t fix this mess with more laws – this industry has made it their business to find ways around the laws. You can’t devise a system to monitor the existing mortgage industry – I’d say 99.5% of everyone in this business is expecting quick money. You can’t fix it by bailing out the banks – that should have been obvious – they habitually take and take, never give - and continue business as usual, where else can I squeeze? Now banks even re-write the conditions for a short sale – they hold onto a home for 2 to 4 more months just to acquire late payments, while they have a buyer waiting.
You have to take profit out of the equation. It would be a totally new system. There should be a non-profit Mortgage Center programs established in each state. Each state knows their people and their economy. First every home that has been foreclosed would be taken by eminent domain and ownership transferred to the non-profit program. There would be government money to start the program. The funds are earmarked specifically for home ownership. It would be overseen by an elected and appointed...
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...d building codes, and fabricated soil testing. There should be a county watchdog – every transaction that has to do with home-ownership should be in the public domain and be closely monitored.
Building inspections costs should decrease, but the quality of service should increase, with the goal of serving the long terms needs of the homeowner, not the builder or politician. This can be accomplished by having city and county code offices open to the sunshine – accountable for their practices.
To fix the mortgage mess, the country needs to disassociate with the banking industry. We need to establish a non-profit type organization with honest hearted people managing it. We should support the family, the basis of our economy, by entitling them to a secure living arrangement for their lifetime. We should make owning a home an actual possibility, not just a dream.