With the economy soft and thousands of Philadelphians delinquent on their mortgages, Sheriff Green this spring refused to hold a court-ordered foreclosure auction. His move raised eyebrows on the bench and dropped jaws among lenders and their attorneys, who accuse him of shirking his duty to enforce legal contracts.
When I was shopping for a house, at the height of the sub-prime business, I avoided it because it looked like a stupendously bad idea. Why not lock in a low interest rate for 30 years? If you didn’t think carefully, or read the fine print, why should you be able to evade responsibility for your mistake?
And before you say I don’t have a heart, and don’t care about poor people, how do you think those poor people are going to fare when no one will lend them money for mortgages, or other loans, because banks decide that making loans in Philadelphia is too risky because the law doesn’t apply there?