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Thursday, April 03, 2008
your tax dollars at work
Senate Foreclosure Relief Bill Advances
>A floor battle still looms over whether to change bankruptcy laws to help borrowers trapped in subprime mortgages keep their homes. Sen. Richard Durbin, D-Ill., is the top backer of the idea, which has drawn withering opposition from banks, Republicans and a few Democrats.
Durbin said more than 2 million homeowners face foreclosure by the end of 2009, many of whom were duped into signing mortgages with unfair terms. The Center for Responsible Lending, which combats predatory lending practices, estimates about 600,000 people would keep their homes under Durbin's plan instead of ending up before bankruptcy judges who aren't permitted to adjust mortgage terms, regardless of how onerous they are.
The hotly contested provision rewriting the bankruptcy code, opponents say, would allow borrowers to effectively rewrite their mortgage contracts and would prompt lenders to tighten their standards and raise interest rates.
Between this and the astonishingly stupid questions asked during the Bear Stearns bailout hearing, I'm pretty disgusted with how completely retarded the people who supposedly lead this country are.
Hm...volatility's a problem in the market right now?
Apparently a Democrat's solution to that is to introduce more risk.
Because, obviously, that's helpful.
As someone who someday hopes to be a homeowner I have no desire to allow my mortgage rates to be driven up just so some irresponsible person can stay in a home they could never afford in the first place. Because let's face it, a lot of these people knew their mortgages were going to go up, possibly to a point they couldn't afford but they ignored that risk and decided to bet that the housing market had no ceiling. It sucks and it's sad, but it's a risk THEY chose to take and I don't really feel like I need to be punished for their choices. Prices in SF are still high and if interest rates are 1-2% higher than they are now Paul and I will be renting forever. Labels: all financial like, Annoyances, Politics, Stupidity and Ignorance
wingless was still breathing at 3:39 PM
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