Foreclosure Freeze Frenzy

Due to the recession, the number of foreclosures is much greater than usual. In Maine, one woman's house was foreclosed, but instead of leaving quietly, she filed a case with a non-profit legal group. When a retired lawyer reviewed her file, he immediately noticed that something was not right. He later discovered that many banks have been issuing foreclosures without reviewing them at all. GMAC, the fourth largest mortgage lender in the U.S. is now forbidden to foreclose houses in the 23 states that require review first. The N.Y. Times reports on this incident:

The tragedy of foreclosure is that some homeowners may be able to stay where they are if their lenders are more interested in modification than eviction. Without a job, Mrs. Bradbury is not one of them. Her family, including her 14-year-old daughter and 16-year-old son, lives on welfare and food stamps.

 Our economy is slowly transitioning from one that celebrates free choice and opportunity to one that hails greed as a positive quality. Instead of working with struggling families to help them succeed, banks would rather make a profit. It is this attitude that leads to such incidents as this foreclosure pandemonium. While I feel strongly that capitalism is beneficial and necessary for our country, there also need to be regulations enforced on companies.