We all want our tax dollars, used to bail out the bad actors in the credit default swap debacle repaid, but we are appalled by the wholesale and indiscriminant foreclosure practices of those same financial services companies. Foreclosing on families who conscientously applied for Federally-approved loan restructuring so they could continue paying off their mortages and stay in their homes is just as destructive to our nation as any unemployment figures.
Our IRS should be given an additional mandate of automatic reviews for families providing documentation of good-faith restructuring efforts. Foreclosure actions under such review should be frozen until that review concludes in favor of either the homeowner or lienholder.