You know the story of the boy Prince who was privileged and unaware of what life was like outside the little world he ruled. Then there was the poor boy who wondered what life was like being well off and catered to. It so happens that two identical boys meet and then change roles so that they can experience what they both wondered about
THEY EXCHANGE ROLES...the prince
The rich well off prince puts on vagrant clothes and ventures forth outside his kingdom and into the world of his subjects with no buffer, no chasm between. He finds out rather quickly that he is not only hated, but blamed for poverty, injustice, cruelty, high taxes and mistreatment of his subjects all. He knew nothing about this
THEY EXCHANGE ROLES...the pauper
The vagrant poor boy puts on royal robes and enters whole heatedly into the world of the privileged and elite. He sleeps in on silk sheets, eats what he wants, plays all day and is living the dream of all dreams. This is what life should be and all should have this thought he..
HERE IS A SUGGESTION
How about...Banks, their CEO's corporate staff, investors, lenders, and Wall Street mover and shakers all exchange roles with the people they have power over and practice on all year round. Be the one that gets the notice of default, then the trustees sale, being told no refinance is allowed, run through illegitimate modifications and false hope programs, and then told eventually, you got so many days to leave or you will be thrown out
LET ME BE CLEAR
I am in support of collateral being foreclosed upon as is the rights agreed to before hand. All I am saying is that if you are doing tens of millions of these and there is a better way, look into it. The best way to assess it is from the inside or front lines. Perhaps you will find solutions that will work better? I think so
WHAT DO I KNOW?
I am ignorant of many things, but why can't people pay lower interest rates which is to refinance and stay in their homes? How about letting them rent if they cannot own? Principal reduction is a fact of life. You give it to a new buyer, but the existing one is ignored completely via strictly enforced arms length rules
THERE GO YOU BUT FOR THE GRACE OF GOD...
I am hoping that people in power and that are well off and in charge of others never become so arrogant and disconnected that they believe that nothing else matters except what they think and do. One day, you may find your self on the other end of the picture wanting as much consideration and more...for your circumstances
BACK TO THE STORY
Well the Prince makes it back to the pauper masquerading as him and puts into effect laws that will treat the less fortunate better and not burden them beyond hope. Together, they can make the kingdom a better place. If this sounds too mushy to you, our founding fathers built on that preface and 2000 years ago, someone died to make the point...
We can work it out...if we all agree to work it out