We apologize to you and to Rep. Ammiano.
In just the latest example, some knucklehead named David Benson is trying to put an initiative on the ballot that would make home ownership a right under the California Constitution.
As it is described in this story, a mortgage lander would be unable to foreclose on a property even if the borrower has defaulted on the terms of the agreement!
"If enacted, the initiative would state a finding that “foreclosure has become a method of increasing a lending institution, loan servicer, mortgagee, trustee and beneficiary’s bottom line and profits by turning borrowers out of their homes.”
Um, no Mr. Benson, the foreclosure process is a way for lenders to recoup the money THEY ARE OWED from borrowers who don't make the payments THEY AGREED TO MAKE.
Yes, it is true that sometimes people find themselves in difficult financial situations and it sometimes is through no fault of their own (layofs for example). But that is no reason to target the lender who had made a financial transaction agreed to by both parties and to fundamentally change the business relationship.
Perhaps we are seeing the just what it really means when some people voted for the guy who talked about "fundamental transformation" of America...
Let's see, if I own a mortgage company, and I lend you $200,000 to buy a house, and you don't make the payments, and I am not able to foreclose, take possession of the home and re-sell it to recover the money, I'm probably not going to be in the mortgage business in California.
Sounds like a brilliant plan...just as mortgage companies are in the midst of massive defaults by homeowners, lets run them through with a sword.
Goodbye real estate market! Goodbye Realtors! Goodbye Mortgage lenders!
We're moving. This place is hopeless.