The TBWS Daily Show video blog hit the nail on the head again. These guys make so much sense on a regular basis, I would love to stick them in a room with our elected officials for a day or two and hope some of their sense rubs off on our appointed Representatives.
After hearing that a minimum of 50% of all loan modifications fail, foregoing any future modifications and moving forward with (speedy) short sales and foreclosures makes all the sense in the world to me. I have seen a number of homeowners lose months of their lives trying to work out a modification with their lender only to be answered with a joke of a proposal or a modification that offers little relief. I have seen homeowners try to perform and make payments on these modified loans only to be in the same position 6 months down the line. We need to save homeowners the repeated stress, pain and time, and allow them to move on and away from these properties sooner than later. This will help the current homeowners in cutting the time it takes for them to rebuild their savings, credit and pride while allowing new buyers to come in and start a new life.
Allowing more short sales and foreclosures to proceed will also reduce the time a property will sit empty decaying and reduce the amount of deferred maintenance needed since buyers will be coming into these homes sooner rather than later.
Frank and Brian, I salute you. I believe our economy and housing market would be seeing a swifter recovery if you had an ear or two in D.C.