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Banks Getting Tough on 'Strategic Foreclosers'
Updated: Monday, 19 Jul 2010, 8:40 PM MST
Published : Monday, 19 Jul 2010, 8:40 PM MST
PHOENIX - Many people are upside down in their homes in this economy, and some banks are looking to penalize people who decide to cut their losses and give the home back to the bank. It's called strategic foreclosure -- and applies to people who can afford to pay their mortgages, but make a business decision to get out.
Fannie Mae is pushing to penalize people who walk away from their homes, and won't lend to those people again in the 7 years after they foreclose.
FOX 10's Dan Spindle has more.
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