Ignoring Foreclosure Crisis Will Not Make It Go Away

President Barack Obama made history by becoming the country’s first black president in 2008, but he will make history again if he is reelected in 2012. No sitting president has won back the White House with an official jobless rate higher than 9 percent. With the unemployment figure unlikely to decrease until after the votes are cast, a crowded Republican presidential field is seeking to take advantage.

As we mentioned in a previous blog post about struggling homeowners, Obama’s track record with foreclosure help has been lackluster. However, as the Las Vegas Sun noted on October 17, 2011, the word “foreclosure” was uttered only once when the Republican candidates debated economic policy in New Hampshire. Former Utah Governor John Huntsman made that lone mention, but as the Sun pointed out, only in reference to the pain being felt by Americans without any suggested remedy.

Some candidates, like former Massachusetts Governor Mitt Romney, have suggested getting the government out of the way and letting the foreclosure process run its course. The problem though would be that increasing the wave of foreclosures could have a devastating impact on borrowers, neighbors, communities and the economy as a whole. When the housing bubble burst, the banks received bailouts even though careless lending was just as much to blame as homeowners borrowing beyond their means.

As another presidential election nears, what plan would you like to see a candidate pitch in order to deal with foreclosures? What additional steps would you like to see this president or his possible successor take?

Law Firm of Kevin D. Judd – Washington DC bankruptcy lawyer



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