First, I'd like to bring this back for the corrupt pols that got us in this predicament......beginning with Senator Dodd, Barney Frank, and working our way down.
might solve a lot of things, if you include the reps, senators and president accountable for their actions.
I think it’s a silly idea. Instead, put a few CEOs and hedge fund managers in gaol: that is where the accountability for this current mess lies.
Apart from the fact that he makes the “prison” actually “voluntary house arrest,” this is a remarkably stupid idea that would fail on such an epic scale that it’s hard to predict what would happen.
Why not just make them slaves to the corporation they owe the debt to?
Scrooge lives
Aren’t father’s still eligible for debtor’s prison?
First, I'd like to bring this back for the corrupt pols that got us in this predicament......beginning with Senator Dodd, Barney Frank, and working our way down.
Nice. But I do question how in this economic downturn, you think taking parents away from kids is going to fix anything?
While there were alot of fools out there, taking stupid ARM’s for mortgages, I don’t think putting people in jail to have to feed and clothe and provide medical care for them, AND have to put their kids in foster care would fix anything.
Just my opinion though.
The real thugs here were the lawyers and judges who enforced the bogus standards of the CRA. THOSE people belong in jail. You don't jail people for applying for a loan and then falling on hard times, particularly when much of the cause was their own government.
In the future, please post content from this site into our Bloggers forum and not the main news forum.
Thanks,
We have debtors’ prison; lose your job and miss a couple of child support payments and watch what happens. In legalese it’s called “contempt of court” but it is (to use one of their words) “constructively” debtors’ prison.
who would be outside of prison?
who would pay for all the new prisons and their maintenance?
If you want to obtain a sweet rate of 4.5% on your mortgage, lower your payments and save your home despite your lack of credit worthiness, the tax-payers will give it to you – if – you agree to the terms.Under the conservative precept of "no governmental action is without unintended consequences," can you guys come up with something?You get the low rate and lower payments.
A little elaboration on what "house arrest" means:
- If you are responsible, your cash flow improves; you get out of debt and back on your feet.
- If you fall more than one month behind on your payment, per our agreement, we put you under house arrest until you get current. It could be a week, a month a year or more. That’s up to you.
- You go to work; then you go straight home.
- If you lost your job, you can go on job interviews.
- If you can’t find the job you want because those available are “beneath you”, you may want to humble yourself for a while and wait those tables because the more you fall behind on your payments, the longer you will be on house arrest. You may want to temporarily work TWO jobs if one doesn’t pay enough.
Didn’t you get the memo? DEBT IS NOW A VIRTUE.
Save the country—go into debt!
Maybe it would be better that they should simply die, and decrease the surplus population.
It begs the question of why the government is involved in lending in the first place. If I sign a contract with someone to lend me money, the lender knows what my ability and willingness to pay are. If he lends money to risky borrowers he should take the risk. It’s none of the governments business.
Well one things for sure, we can tell all the people who are in serious debt around here by the way they don’t like the idea of punishing those who renege on contracts that they enter in to.
So why even have contracts then? Lets just join the Liberal mentality that people are not responsible and its always the fault of some else other than the debtor who entered into a legal contract to borrow money from others, others who are now getting screwed and possibly put out of business because some people feel they shouldn’t have to pay back money they borrowed in any sort of a timely manner.