Re: 'Fixing the Foreclosure Crisis' (May 1)
Dear Editor:
As a Realtor with 40 years of experience, almost 30 of those working with bank-owned properties (REOs), I find it interesting that government thinks it can fix this crisis by throwing money at the very banks who created the problem.
This is the third cycle of REOs that I've seen, and it is bigger and different than the first two cycles. Foreclosures are traditionally caused by a rise in unemployment -- not yet the main cause. This cycle is caused simply by the failure of poor underwriting and there is no way to fix the problem, short of forgiving the debt or foreclosing and letting the market take care of finishing the cycle. more...
