Mediation proposed to address Minnesota foreclosure spike

if the gov is bailing out the banks on mortage loans take those foreclose homes and turn them in to hud houses for low income and people on social security

Something like this should have been done two years ago. If the banks hadn't been so greedy and would have been willing to work with their customers, then maybe we wouldn't be in the mess that we are in.

There are those that will say, but the people taking on the mortgage should have known... Well the problem is that life changes; businesses fail, people lose there jobs, illnesses, having children, etc..., all change what we had hoped would happen to something else.

I always feel that some money coming in is better then no money. Look at it this way, if the banks had re-financed the bad loans to something that the people could afford (whether that was longer loan periods, better interest rates, etc...) then they would probably still be taking in income instead of sitting on thousands of homes.

They want to keep people in the homes long enough to tax them out of them.

I know some people that just closed on a subprime mortgage this week. Those greedy mortgage brokers are still writing 'em! May as well get them in before the deadline, so they can be bailed out too. Sad.

Swanson to the rescue. People who can't afford the loans they signed up for, should just give the house back to the lender and quit farting around. The result will be the same and quicker.

Why do Minnesotans keep electing AGs that think it is their job to write law?Do your job Ms Swanson and leave the legislating to the legislative branch of government.

So the State is going to negate contract law? Hey Lori, are there any other contracts I can get out of? How about my state taxes?

So then contracts will no longer actually MEAN anything, and the responsibility of the borrowers can be further reduced. And who is this good for again?

Oh, that's right, a pandering politician!

Of the few company who will not be driven off by such legislation, those who remain to make mortgages in the state will simply charge an INCREASED risk premium than they would in a neighboring state, simply because of the likelihood that the borrower will demand term change or principle and/or interest rate reduction.

It’s called “the law of unintended consequences”; and it often ends up hurting those who were supposed to be helped.

I don't care if it's a good or a bad idea. That's not relevant.

Lori, as AG don't you have a job to do?

Are there not any legal matter that need to be resolved in this State?

If you're more interested in playing politics and chasing TV cameras around fine, but quit wasting our money using the AG's office to promote your political agenda.

We don' pay you to have an opinion, we pay you to enforce the law (the one's that currently exist!).

gubermint is supposed to uphold contracts, not be re-writing them. what a goofy ACORN nut.