Views On Foreclosure Moratorium

This article, "Cantor Opposes Foreclosure Moratorium: 'People Have To Take Responsibility For Themselves'," George Zornik states how Mr. Cantor (Republican) feels that there should be no relief for people and that people need to take responsibility for themselves. Zornik obviously is writing this for the homeowner audience as well as the general public. The evidence for this claim by Mr. Zornik is supported by statiststics that show that Bank of America was doing 7,000-8,000 forclosure documents a month without reading them with the excuse that the documents were "lenghthy." Zornik also points out that Texas Attorney General Greg Abbott is asking thirty lenders to stop doing foreclosure documents until they can prove they are doing it legally. Congresswomen Wasserman-Shultz states that "we need to keep people in their homes," as a supporting cause for the Moratorium. Nina Easton of Fortune Magazine stated in oppose to Congresswomen Wasserman-Shultz's statement said "What she should have said is keep people in houses they can't afford." I believe that in some instances, yes people are probably in houses that they can't afford, but I think a lot of people are hit hard with being laid off, slower economy, or personal tragedy. This can cause a person to lose enough income so that they can no longer pay their mortgages. It is Zornik's opinion as well that a lot of people may have been foreclosed on improperly and that the rule of law should be held in place. It doesn't matter if people want to protect financial institutions, the law is the law and foreclosures need to be done in a correct manor because a foreclosure can easily turn a family upside down and ruin them. I would have to agree with Zornik, like I said, for the most part.