Joe Biden on Home Foreclosures

In this short speech, Joe Biden addresses the issue of home foreclosures happening to hard working Americans who played by the rules.

What percentage of the thousands of foreclosures happening fall into that category? And what percentage of the home foreclosures are simply happening because borrowers speculated on rising home values and lost...and lenders made risky loans like interest only loans and loans with no down payment?

I am all for helping out "Main St." along with "Wall Street".In fact some believe helping Main Street exactly what we should do instead of bailing out Wall St.

Some of the points Mr. Biden states are very thought provoking...

A 3 month moratorium on all foreclosures would be kind of like a cease fire during a war.It would allow time for banks as well as borrowers to regroup.

A cooling off period so to speak...interesting.

Ability to Renegotiate with banks on mortgage loans?... maybe this has some merit given the fact that banks will take a hit either way.

Getting things done before being sworn in? That is just crazy enough to work!

All this sounds good.

What I would really like to see is something that would be fair to people who have been responsible and who played by the rules and made wise decisions. Its not that we shouldn't help people who have fallen on hard times, but what about that family who never bought a home in the first place because they were saving their money until they could afford a down payment?

Why don't Barrack Obama and Joe Biden propose something with real substance that helps families who are saving toward a home but have been wise enough to know they cant afford one yet... instead of bailing out those who speculated on rising real estate values and got risky loans to buy something they couldn't pay for?

Lets be honest. A fair amount of foreclosures are not your 1200 sq ft starter home.. but rather a 4500 sg ft palatial palace that was purchased on a gamble with the intention of a short sale or refinance when the homes value rose.

That is just plain gambling and those home buyers should not be rewarded for that decision.

It will not be hard to determine which home buyers made foolish decisions. The mortgage records and income statements of those loans will cry out if they are given an ear.

I hope someone is listening.