NYT Magazine Writer Roger Lowenstein hits it on the head when he takes Mortgage Bankers to task, Plus why I believe MBA President John Courson is WRONG and CLUELESS
Roger Lowenstein, an extremely well respected financial journalist took the trade association for mortgage bankers (the MBA) to task in Sunday’s New York Times Magazine for calling homeowners “immoral” who strategically walk away from their mortgage obligations. Lowenstein points out that Wall Street walks away from their obligations all the time and effectively asks how they dare call the kettle black.
For more than a year now through the South Florida Law Blog, monthly Florida foreclosure defense workshops and social media outlets like Facebook and Twitter @OPLaw, Oppenheim Law continues to help homeowners and other real estate holders such as investors and second homeowners. A constant and key consideration is determining the sense of continuing to pay a mortgage that is upside down and may remain that way for many years to come.
Oppenheim Law believes foreclosure defense strategies are not a moral issue, but an issue of what is economically rational. However, John Courson, President of the Mortgage Bankers Association, decided this past week to enter into the discussion when he was quoted in the WSJ as saying: “Homeowners should think about the ‘message” they will send to their families and their kids and their friends.” He was somehow trying to convince all of us that there is still a social stigma to walking away.
JOHN COURSON READ MY WORDS: YOU ARE SO WRONG…. IN FACT YOU DON’T EVEN HAVE A CLUE!
