Although Northampton County is experiencing a record foreclosure rate, no one has tried to help homeowners hit hard by our mortgage crisis. Two months ago, I suggested that Lehigh and Northampton County should consider a conciliation process between bank and borrower similar to what already exists in Philly. Although not on the agenda for Thursday's county council meeting, a temporary moratorium on sheriff sales is being pondered by some county officials.
Tuesday, July 08, 2008
Northampton County Mulls Temporary Moratorium on Sheriff Sales
Although Northampton County is experiencing a record foreclosure rate, no one has tried to help homeowners hit hard by our mortgage crisis. Two months ago, I suggested that Lehigh and Northampton County should consider a conciliation process between bank and borrower similar to what already exists in Philly. Although not on the agenda for Thursday's county council meeting, a temporary moratorium on sheriff sales is being pondered by some county officials.
13 comments:
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Any discussion of a moratorium has to include some sort of test to ensure the homeowner deserves it. No moratorium should ever be granted for real estate speculation or commercial properties.
ReplyDeleteOn the other hand, innocent people who were taken advantage of deserve some support.
The Banker
Love the blog, Bernie, and have added you to our blog network. Crazy photo as well. Keep up the good work.
ReplyDeleteBernie -
ReplyDeleteI think a moratorium in our area is premature, as I don't think the Valley has been hit by the overwhelming amount of foreclosures that some other areas of the country (North Carolina, Florida, Vegas, etc.) have experienced.
While I do have sympathy for those in the area who might be going through foreclosure, there is also the issue of fairness to those who have loaned the money. Getting a property to sheriff's sale doesn't happen overnight, and usually only once it is evident that the borrower is not going to pay (and hasn't paid in a while).
If the loans were made in good faith, the lenders deserve to recoup their funds. A blanket moratorium that would further lengthen the time for that to happen - without any real chance that the borrower would then start paying - is not fair to those who loaned the money.
Perhaps there is more to the story that would change my mind, so I'll keep my mind open as I await more details.
Shawn, Flattery will get you everywhere. I'm a slut.
ReplyDeleteTo The Banker & Anon 4:44,
ReplyDeleteYou both make excellent points, points I heard Ron Angle make a few weeks ago. I think it's worth a look.
Oh god I'm agreeing w/ Ron Angle? Next thing you know Otto Slozer and I will be having breakfast together!
ReplyDeleteThe Banker
That's right, Banker. You and Ron are pretty much two peas in a pod on this one. I wonder sometimes if Otto is the O__o who occasionally leaves a pithy remark on the blog.
ReplyDeleteYou may be right on that one. Been a long time since I spoke to him, but I'm sure he hasn't changed.
ReplyDeleteEmmaus is boring (in a good way) right now. A few "wildcard" council members but nothing at all like Otto's days - much more civil and the disagreements are legitimate. I also like that they put their council meetings on their website for anyone to download and watch. We need more governmental units to do that. It only cost them $1,500 to do it, so no one can say it's too expensive.
The Banker
Banker,
ReplyDeleteLast year, I did an objective review of all LV municipal web sites. Emmaus was on top, and by a long shot.
And yet there's so little in the MSM about what they're doing. I know for a fact that both Bill White and Paul Carpenter have been approached by a long-time council member about doing a story on the webcasts, and they both passed.
ReplyDeleteThey sure spend time pointing out shortcomings, but no time to hold someone up. Typical.
The Banker
The press has declared a virtual news blackout on Northampton County since John Stoffa took office. Only press release or fluff type pieces are done. Unless like the Latest Human Service scandal where they had no choice.
ReplyDeleteA lot is done and said at Council meetings and day to day that was at one time covered but now is ignored.
The Teller
Yeah, Everything is a deep, dark conspiracy. Stoffa, Angle and Colonel Sanders make all the calls and everyone jumps if they know what's good for them. Keep wearing that tinfoil hat. It will keep the Stoffa rays from penetrating.
ReplyDeleteDude, except during baseball, I'm at every council meeting. So is the ET, MC and Bethlehem Press. There are often a few other bloggers lurking about, too. There is no lack of coverage. What's really bothering you is that these media sources do not routinely slam Stoffa. And that's because you're twisted, even with the tinfoil hat.
"And yet there's so little in the MSM about what they're doing. I know for a fact that both Bill White and Paul Carpenter have been approached by a long-time council member about doing a story on the webcasts, and they both passed."
ReplyDeletePaul Carpenter is too concerned about Tatoos than to write about anything important. Thanks Henry