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Turn Foreclosure Frustration Into Action
By Sean Luechtefeld on 12/16/2011 @ 11:00 AM
Late last week, my colleague and CFED Founder Bob Friedman recommended an article from A Capital Idea, a publication of the Center for Community Capital at the University of North Carolina, Chapel Hill.
The opinion piece, written by Roberto Quercia, Director of the UNC CCC, argues that responsible lending – clearly absent on Wall Street leading up to the foreclosure crisis – need to be a keystone of responsible mortgage lending practices. “It is not complicated,” Quercia suggests. “It takes only the right mortgage product, appropriately underwritten, originated and serviced, backed by a well-functioning secondary market and responsible oversight. Is that too much to ask?”
Too much to ask? We would say no. That simple? Well, probably not. Certainly, with all of those pieces of the puzzle in place, homeowners would feel much more certain about their financial futures. The question, then, becomes how we manage to identify the organizations and develop the products needed to implement such a strategy. That, I believe, is a much more difficult task than Quercia makes it seem.
Nevertheless, Quercia’s piece is thought-provoking and raises a point that I think we can all agree with – that this most recent wave of foreclosures should spur all of us to action. And, regardless of how simple the solution is, a solution is certainly necessary. So, check out Quercia’s opinion piece and share your ideas for how we can ‘turn foreclosure frustration into action.’
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