Mortgage Defaults: Should Lawmakers Intervene?
Frankly, no. If you take out a mortgage and then can’t pay then foreclosure is a necessary consequence. It protects the institution that granted you the loan for the home. You don’t actually own the home until it’s paid for. When you take out mortgage, you are assuming financial responsibility. If you can’t handle that responsibility then it should be given to someone else. That sad and sounds harsh, but it’s true. Legislators should not intervene. Doing so will hurt the economy even more than not doing anything at all.
