Recently we learned that Rep. Virginia Foxx blames the mortgage crisis on the "welfare mentality" of our citizens. She failed to distinguish between the vast majority of people who are facing foreclosure due to personal or family illness, divorce or job loss and the very small number of foreclosures caused by irresponsibility or dishonesty of the borrower. She lumped all people facing foreclosure into one group and according to Virginia Foxx, these people never expected to have to pay their mortgage in the first place.
Most of these people who got these loans that are in trouble now, got them because they never expected to pay them back. They expected somebody to bail them out. They weren't honest when they did these loans.
During the same floor speech, Foxx claimed that the mortgage crisis was not a national crisis.
This is not a crisis of a national proportion. This is a personal matter, not a national crisis.
Falling home prices are not the problem. Home prices went up tremendously for several years. Everybody knew that was going to have to come to a halt.
You knew and yet you allowed banks to continue to lend on inflated values? You knew and yet you allowed appraisers to continue to place false home values on the appraisals they turned over to mortgage lenders? You knew and you did nothing to stop it?
Now, Virginia Foxx, you blame individual homebuyers who may not have been aware that they were buying a home that wasn't worth the appraised value on the day they signed the loan.
You knew and you did nothing.
BlueNC is dedicated to making North Carolina a more progressive and prosperous state. If your intention is to disrupt this effort, please find somewhere else to express your opinions.