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Biden-Obama Position: Courts Should Have Power to Reset Mortgage Principal
transcript of Biden/Palin debate - cnn | 10/3/08 | Biden

Posted on 10/03/2008 7:45:46 AM PDT by Rhinoceros

Biden -"Number two, with regard to bankruptcy now, Gwen, what we should be doing now -- and Barack Obama and I support it -- we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you're paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe."


TOPICS: News/Current Events
KEYWORDS: 2008; biden; debate; democrats; elections; nobama08; palin
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This raise any eyebrows with anyone else when he said this?
1 posted on 10/03/2008 7:45:47 AM PDT by Rhinoceros
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To: Rhinoceros

Yes, I heard that and it’s scary as hell.


2 posted on 10/03/2008 7:46:41 AM PDT by saganite (Obama is a political STD)
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To: Rhinoceros

Absolute idiocy.

Maybe I’ll call my mortgage bank right now and demand they lower my principal. Or I’ll take ‘em to court.


3 posted on 10/03/2008 7:46:47 AM PDT by SoFloFreeper
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To: Rhinoceros

Socialism....


4 posted on 10/03/2008 7:47:12 AM PDT by wk4bush2004
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To: Rhinoceros

These two loons (Obamaloon and Bidenloon) cannot possibly be this stupid, are they?


5 posted on 10/03/2008 7:48:00 AM PDT by Da Coyote
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To: Rhinoceros

Incredible.

More catering to the lowest common denominator of society.

Dare I say race-based. Yes, as a matter of fact, I do.


6 posted on 10/03/2008 7:48:10 AM PDT by EyeGuy (Obama will deliver America on a Leash to an envious world.)
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To: Rhinoceros
I heard that, turned to my wife and said, "WHAT?!"

Does that mean someone could go before a court and say, "I owe $200,000 on this property. Could you make it $50,000? I'd be a lot more comfortable with that."

Un-fricken-believable.
7 posted on 10/03/2008 7:48:19 AM PDT by Antoninus (If you're bashing McCain/Palin at this point, you're working for Obama.)
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To: Rhinoceros

These two loons (Obamaloon and Bidenloon) cannot possibly be this stupid, are they?


8 posted on 10/03/2008 7:48:23 AM PDT by Da Coyote
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To: Rhinoceros

Yes, it was one of the dumbest things I’ve ever heard any politician say.


9 posted on 10/03/2008 7:48:41 AM PDT by perfect_rovian_storm (Palin 2008 (oh yeah, and McCain too))
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To: SoFloFreeper
Joe might have just lost the election last night....

95% of the people pay their mortgages as is.

10 posted on 10/03/2008 7:48:58 AM PDT by scooby321 (Cai)
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To: Rhinoceros
I'm going to go down to the bank and tell them Obama says they have to buy me a home...and I'll pay them what I want to pay them and I'll have the courts behind me. Oh, btw, that means the rest of the country gets to pay for my house, so thanks!
11 posted on 10/03/2008 7:49:01 AM PDT by highlander_UW (In addition to being able to field dress a moose, Gov. Palin can field dress a donkey too!)
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To: Rhinoceros
This raise any eyebrows with anyone else when he said this?

But don't you know this will raise "confidence". /Sarc.

12 posted on 10/03/2008 7:49:07 AM PDT by wmfights (Believe - THE GOSPEL - and be saved)
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To: Rhinoceros

Ummm...the heading should be principal...not principle


13 posted on 10/03/2008 7:49:59 AM PDT by LivingNet
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To: SoFloFreeper

Exactly...my wife immediately told me to call the bank tomorrow and get the principal lowered by 30% or more...isn’t it going to be great living in a Socialist country? Wake up America !!!
If you think banks won’t loan now...just wait until a court can arbitrarily change the loan agreements and principal amounts.


14 posted on 10/03/2008 7:50:41 AM PDT by Froggie
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To: saganite
Yes, I heard that and it’s scary as hell.

I don't see how a law that permitted this could be upheld, but this plays well with certain groups, after all they only have to fool them until Nov 4th.

15 posted on 10/03/2008 7:50:43 AM PDT by The Sons of Liberty (Just your average "Whitey" - bitterly clinging to my guns and religion.)
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To: Rhinoceros

Yes. My wife in I joked that we want our principle balance adjusted to zero and we would then not care at all what our interest rate is.


16 posted on 10/03/2008 7:50:48 AM PDT by big'ol_freeper (Let's Roll!!)
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To: Rhinoceros

This is how they will essentially get their “reparations.”


17 posted on 10/03/2008 7:50:56 AM PDT by Atlas Sneezed (Guns don't kill people, criminals and the governments that create them do.)
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To: LivingNet; Admin Moderator

Need to ping the mods and get that title fixed. It tripped me, too.


18 posted on 10/03/2008 7:51:17 AM PDT by thulldud (All your rumor are mong to us.)
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To: Rhinoceros
This raise any eyebrows with anyone else when he said this?

Not a bad idea if you don't think about it too deeply....
So much for binding contracts. This would open a very wide door for gaming the system.

19 posted on 10/03/2008 7:51:30 AM PDT by tbpiper (Obama/Biden: Instead of Ebony and Ivory, we have Arrogance and Insolence.)
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To: saganite

I am a Mortgage Banker, if these MORONS acheive this BS, investors in MBS WILL requrie higher interst rates to protect their invesment, the result would be HIGHER MORTGAGE RATES


20 posted on 10/03/2008 7:51:32 AM PDT by peace with honor
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To: wmfights

but don’t you know? to own property is theft from the people... or sumpin like that, from the great Karl Marx.

does he really thing that we can throw 500 years of English contract law out the window?

I think it was a gaffe.. he can’t be that dumb. Now if Obama said it, I would believe he meant it.


21 posted on 10/03/2008 7:51:52 AM PDT by Chuzzlewit
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To: Da Coyote
These two loons (Obamaloon and Bidenloon) cannot possibly be this stupid, are they?

Unfortunately a very large portion of the American citizenry is ...

22 posted on 10/03/2008 7:52:43 AM PDT by clamper1797 (BHO ... the 'H" stands for hubris)
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To: perfect_rovian_storm

I’d like my mortgage moved to $.25, Joe.


23 posted on 10/03/2008 7:52:56 AM PDT by Eric in the Ozarks
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To: Rhinoceros

My wife and I literally looked at each other with gaping mouths. I was stunned.

What a nincompoop.


24 posted on 10/03/2008 7:53:11 AM PDT by RobRoy (This is comical)
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To: Rhinoceros
The DEMs who are voting against the bailout are seeking the "cramdown" authority to be vested in judges.

This isn't an odd position for a Democrat. It's vote "buying," pure and simple.

25 posted on 10/03/2008 7:53:19 AM PDT by Cboldt
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To: Rhinoceros

I did not know the legislative branch could impair contracts by fiat, just by decreeing that previously entered-into contracts could be denied enforcability.

Delay in payment or discharge in bankruptcy, yes. But to wholesale rewrite it? Hmmmmm.


26 posted on 10/03/2008 7:54:36 AM PDT by bitterdfwrepub
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To: Rhinoceros
This raise any eyebrows with anyone else when he said this?

Yes. Scared me. We are doing okay now, but if they call raise the principle we're in trouble. They cannot even do that. Stretch Biden is a jackal.

Isn't that what caused the worst aspects of the Great Depression, people losing homes because the banks were allowed to call in all the mortgages and people just weren't prepared to pay?

This is the equivalent. The FEDS will own us all, well them and China.

27 posted on 10/03/2008 7:55:12 AM PDT by madison10
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To: Rhinoceros
Well hell, boys--just reset mine to ZERO and you've got my vote!!! /sarc

And yet there are deluded morons who actually believe this crap.
28 posted on 10/03/2008 7:55:15 AM PDT by OCCASparky (Steely-Eyed Killer of the Deep)
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To: peace with honor

The result will be much higher down payment requirements and some form of prepayment on the loan (if the bank already has the money it’s harder to get it back).


29 posted on 10/03/2008 7:55:21 AM PDT by nomorelurker
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To: peace with honor

But what if they pass a law and mandate the rates? Maybe I’m misunderstanding you and you’re saying rates would be higher for everyone else not included in the particular group?

If that’s true and businesses and homeowners not covered had to pay higher interest rates to cover the lost money from the mandated loans the economy would just roll right on off the cliff.


30 posted on 10/03/2008 7:55:31 AM PDT by saganite (Obama is a political STD)
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To: Rhinoceros

Needs to be put in a campaign ad.


31 posted on 10/03/2008 7:55:58 AM PDT by tx_eggman ("The urge to save humanity is almost always a false front for the urge to rule" - Mencken)
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To: LivingNet

Given this debate, the principle of paying back what you borrow is being upset.

The principle that you get a dollar back if I borrow one is now down to getting a dime back if my judge agrees you shouldn’t get the dollar. Call it a fractional bankruptcy.

but-—I see your grammatical point. That gaffe is what brought me to look.

Tell Obama/Biden to apply it to the national debt. But-—That is why we need the 700 Billion. We musn’t do this to the Chinese who bought those toxic packages.

This nonsense is reminiscent of Alice in Wonderland.


32 posted on 10/03/2008 7:56:21 AM PDT by Sundog (Palin --- She who can shoot a moose can shoot a Russian bear.)
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To: Rhinoceros

I thought I had heard this but tjought it could not be.
I am sure that Joe has no idea of the difference between interest rate and principle.

So the court could say that you bought your house for $100K but now you only have to pay $25k. You paid $300K but you are rich so now you have to pay $450K...Right?


33 posted on 10/03/2008 7:56:46 AM PDT by Holicheese (Get up Tom Brady, get up! PLEASE!!)
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To: Rhinoceros
This was one of the scariest things I've heard from Obama/Biden. Lets use our tax dollars to fund, bailout and reward those who choose to live beyond their means.
The lack of regard for personal responsibility is disgusting.
34 posted on 10/03/2008 7:57:14 AM PDT by 07Jack
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To: Rhinoceros

lol, I thought I heard it wrong last night, and I had to rewind it to make sure. They are truly off their rocker to think they have the authority to lower the principle on someone’s mortgage. Just pandering to the low income and people who are about to go into foreclosure!


35 posted on 10/03/2008 7:58:20 AM PDT by claymax (Vote for a HERO...........not for the ZERO!)
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To: Rhinoceros

It will only serve to raise the cost of borrowing for the poor. Like most Marxist policies, the result is the opposite of the intent.


36 posted on 10/03/2008 7:58:23 AM PDT by Petronski (Please pray for the success of McCain and Palin. Every day, whenever you pray.)
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To: Rhinoceros
Ok, I'm a bank and I'm gonna loan you money knowing if you don't pay or can't pay it back, some court somewhere can tell me you owe me less than what you borrowed. Riiiiight.

THAT'S JUST NUTS!!!

37 posted on 10/03/2008 7:58:23 AM PDT by teletech (Friends don't let friends vote DemocRAT)
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To: Rhinoceros
This raise any eyebrows with anyone else when he said this?

No, but Dr. Pepper came out of my nose.
38 posted on 10/03/2008 7:58:51 AM PDT by Thrownatbirth (.....Iraq Invasion fan since '91.)
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To: Froggie
Who's to say, once this was enacted, that the principal may only be adjusted DOWN?

What if you have a property mortgaged at $200 000 and the gummint decides to adjust that amount for inflation over 20 years?

A contract is a contract. The parties agree to the terms and the consequences as well. Government is responsible to see that these are legally enforced, not to monkey with the arrangement according to somebody's whim after the fact.

39 posted on 10/03/2008 7:59:17 AM PDT by thulldud (All your rumor are mong to us.)
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To: Rhinoceros

Interest being a future income to the bank would not be such a crisis, but if the bank loaned $200,000 and courts said no make that $125,000 who eats the $75,000. Are they planning another bailout??


40 posted on 10/03/2008 8:01:08 AM PDT by nclaurel (I think therefore I vote Republican.)
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To: Rhinoceros

Thanks for bringing this up. I think I yelled “what?!!!” 7 or8 times at the TV last night.


41 posted on 10/03/2008 8:01:11 AM PDT by PrincessB ("I am an expert on my own opinion." - Dave Ramsey)
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To: thulldud

I am not sure legal redress is such a bad thing if it can be shown a lender did not exercise some level of fiduciary responsibility. If this were life insurance rather than mortgages licenses would already be pulled and folks in court.


42 posted on 10/03/2008 8:02:54 AM PDT by DonaldC
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To: Rhinoceros

I couldn’t believe I was hearing that. Who the hell would ever lend money the day after that one became law??


43 posted on 10/03/2008 8:02:56 AM PDT by varmintman
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To: nomorelurker

They really don’t understand that there WILL be a reaction from the lenders.

If you’re going to tell me that the gov’t can interfere with a contract that I’m making with a borrower, to my detriment, I WILL take steps up front to minimize my risk, including NOT LENDING to some people at all.


44 posted on 10/03/2008 8:03:57 AM PDT by MrB (0bama supporters: What's the attraction? The Marxism or the Infanticide?)
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To: Rhinoceros

Yes - I heard that.

I asked hubby “how the heck do you just change the principal on a loan?”

hubby shrugged his shoulders.


45 posted on 10/03/2008 8:03:57 AM PDT by Scotswife
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To: Rhinoceros

A useful change, assuming that your goal is to change America into a Third-World kleptocracy.


46 posted on 10/03/2008 8:04:15 AM PDT by Interesting Times (Swiftboating, you say? Check out ToSetTheRecordStraight.com)
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To: RobRoy

I thought that there was no way i heard what I heard.
Its like your dog speaking english. You hear it but you don’t believe it!


47 posted on 10/03/2008 8:04:54 AM PDT by Holicheese (Get up Tom Brady, get up! PLEASE!!)
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To: Antoninus

Obiden was talking about wiping out principal for their lowlife “reparations” buddies. We OWES it to ‘em!
Count on it if nObama and Obiden get in.


48 posted on 10/03/2008 8:05:34 AM PDT by dusttoyou
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To: saganite

My wife left the room. I shouted at the tube.

Come on McCain. The ball is in your court.

Sheeesh.


49 posted on 10/03/2008 8:05:37 AM PDT by gathersnomoss (General George Patton had it right.)
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To: Da Coyote

“These two loons (Obamaloon and Bidenloon) cannot possibly be this stupid, are they?”

They absolutely are, and all these arrogant elitist snobs who like to bash people like Palin don’t want to see the imbecility in their own candidates.


50 posted on 10/03/2008 8:05:51 AM PDT by Scotswife
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