BLOOMBERG–
Georgia Attorney General Sam Olens said he has “significant concerns” about a proposal to reduce loan balances for some homeowners as part of a settlement of a nationwide foreclosure probe, joining at least seven other states that have criticized such a plan.
A deal with the top mortgage servicers in the U.S. that includes writedowns could encourage homeowners who are current on their loans to stop making payments, Olens, a Republican, said today in a telephone interview.
“You’re declaring in advance who the winners and losers are,” Olens said. “I’m a little concerned that this process disengages the normal market forces.”
AG Sam Olens thinks that by reducing or writing down mortgage balances will cause others to just default – willy nilly? Clearly he does not live in the real world. Clearly he has never grappled to hold on to his home or grappled for anything for that matter. Heartless comes to mind. It would be interesting to see who his major contributors are.