Foreclosures in East Boston have been a serious problem for about five years. It is believed the worst is behind us but there remain a great number of homeowners who owe more than their homes are worth and who are struggling to pay mortgages they cannot afford.
The Mitt Romneys of this world say these homeowners should be sacrificed. “Let them fail. Let their homes be foreclosed upon. Let them get into situations they can afford and then maybe the marketplace will work it out,” Romney says.
Then there is the Massachusetts Senate and House and our representatives in those two bodies, Senator Anthony Petruccelli and Rep. Carlo Basile.
They are telling homeowners in peril that there are ways to stay in their homes by working with banks to fend off foreclosure and the terrible disruption in family life which follows.
We agree with the approach of Petruccelli and Basile. Loan modifications should take precedence over foreclosure. Banks should be made to deal with people as human beings and to make changes for those who qualify to stave off foreclosure.
That’s what this bill does.
It was a long time coming.