PROVIDENCE — A former bank executive working to hasten a resolution to hundreds of foreclosure disputes in Rhode Island’s federal courts called the mortgage crisis a ‘‘Gordian knot’’ and said debt forgiveness needs to be part of the solution.
Former Bank Rhode Island CEO Merrill Sherman said in her special master’s report to US District Judge John McConnell last week that the best approach to fixing the mortgage crisis is reducing struggling homeowners’ loan amounts — an approach that has garnered significant resistance from mortgage giants Fannie Mae and Freddie Mac despite pressure from the Obama administration.
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The best thing for the housing market is to kick all of those deadbeats out on the street and let the homes sit vacant. I'm Mitt Romney and I approve this message.
Mortgage reductions for all then, not just those who don't pay their mortgages! I have been paying my mortgage all these years and could have used that money for cars, vacations, designer clothes or a nice extension on my house if I knew that my mortgage was optional and that I would be rewarded for not paying by having my loan amount and payments dramatically reduced. I was under the impression that this debt was an obligation and scrimped to pay it. The joke is on me!