Fannie and Freddie have anounced another freaking foreclosure freeze. WTF..... This time they are freezing foreclosures until March 6th. They want to provide servicers with more time to help troubled borrowers find an alternative to foreclosure. JP Morgan, B of A and Citi have also jumped on the band wagon. Don't these idiots realize the solution to the housing crisis IS foreclosure. Freezing foreclosures makes thing worse. It stops people who can afford a home from buying one. And if keeps people who cannot afford one in one. How does that help the economy? The only thing this will accomplish is to keep the inventory of homes from going vertical.
What they fail to realize is that the fstest growing portion of the foreclosures are now the result of job losses. I don't care how creative you get with your bailouts. An unelmployed person cannot afford it. The job losses will only stop when homes are affordable and home owners have disposable income to spend, there by driving the economy. Modifying a loan to make a person a debt slave is not going to help either. The fastest way out of this fiasco is to foreclose, sell the homes at a reasonable price to people that can easily afford them. That way the new crop of homeowners will start spending that extra money they will have at the end of the month. Flat screens will fly off the shelves, a new car in every driveway...... wait, that's what got us in this mess. FORECLOSE ALREADY!