Re: “State needs five-year moratorium on foreclosures” (Viewpoint, 11-9).
The writer, Dan Leahy, states we need to return to reality and then he himself runs as far away from it as possible.
Yes, there was a housing bubble. Some people gave bad advice, some people took it. Some people took mortgages they couldn’t afford, and some banks granted mortgages that could not be paid back.
Reality entails responsibility across the board. Leahy seems to feel that is too harsh and should only be selectively assigned.
Those who gave bad advice should be out of a job, and no one should listen to them anymore. Those who chose to heed that advice have financial problems they have to extricate themselves from no matter what the pain. The people who took on financial responsibilities they couldn’t handle hopefully have learned never to do that again, and the banks that made loans that can’t be repaid will lose their initial gains when foreclosure puts property on their books well below the monies they loaned out.
Leahy states that mortgages should be written down to current property value. Would he also assert that people who bought stocks in a market rally should get their money back if the market sells off?
Reality involves consequences for one’s decisions and actions. To nullify these consequences simply ensures that the negative costs of bad choices are rewarded and will surface again and again in the future.