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."
Thanks for bringing this up. I think I yelled “what?!!!” 7 or8 times at the TV last night.
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.
I couldn’t believe I was hearing that. Who the hell would ever lend money the day after that one became law??
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.
Yes - I heard that.
I asked hubby “how the heck do you just change the principal on a loan?”
hubby shrugged his shoulders.
A useful change, assuming that your goal is to change America into a Third-World kleptocracy.
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!
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.
My wife left the room. I shouted at the tube.
Come on McCain. The ball is in your court.
Sheeesh.
“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.
And dumb but crafty Joe knows that as well as you do. As you say, pandering to the segment of American society that thinks 'Oh I'm one of Obama's favored ones, it will be great to just go to court and get my mortgage amount lowered.' That would fix everything, wouldn't it.
Why not ask them to give you a lower interest rate also, after they cut the principle by at least half? In fact, maybe the banks should pay us for borrowing from them, for our help in keeping them in business?
There are so many financial schemes that the Democrats can’t wait to enact that along with the massive new taxes that an Obama presidency would bring ..all of this will doom the US economy if Obama is elected.
“Well Gwen, two years ago Barack Obama warned about the sub prime mortgage crisis” - Biden
Can anyone confirm this???
WOW.... and do I hear about this lulu comment on the morning news.
How dumb do the obomanationiacs think the American people are? Nevermind, I keep forgetting that according to the liberals, I am so stupid I need them to make all of my decisions for me.
Oh yeah, and all of the MSM are playing this back over and over. Keep wishing. I have heard no further word of this today. Move along. Just another feel good socialist remark to SUCK FOR THE VOTE!
...sorry. NO I AM NOT.
I was yelling at the TV when he said that. Palin could have literally destroyed him and the messiah on that point, but she let it pass.
She should have replied “you know Joe, the idea you just proposed is the just about worst idea I have ever heard. 94% of Americans are current in their mortgages, and the for the 6% that are not, I would propose gov’t incentives to the banks to ‘workout’ the mortgages that can be saved. Unfortunately, not all of them can be. It should be between the mortgage holder and the borrower to decide, not the courts. If you allow a judge to reduce both the interest rate and principal on the mortgage, what does that say to the 94% of the people who have not bought more house they can afford, who have not used their house as an ATM, who have not bought a house to speculate and flip, and who have made sacrifices to stay current in their mortgages. “What you are proposing is socialism, not capitalism, and if we were to embark on a plan like yours, what bank would ever make new mortgages? To make a new mortgage with the knowledge that a judge can invalidate the terms at his whim, and without any recourse reduce both the interest rate and principal, would be crazy.” If you were to do this, you would create a huge incentive for more people to simply stop making mortgage payments and hope they can petition the court for better terms.”
I already tried that. The banker (a life long friend) laughed, and reminded me that I had signed a contract.
“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.””
Hey - it sounds good to me!
I’m going to call my bank today and see how receptive they are to that.
If I can knock off a good chunk then we can pay it off 5? maybe 10 years early?
And really - it isn’t like the banks really NEED the money anyway right?
When I heard that, the first thing I thought was “Those b-tards are going change my principle...they will probably raise it because some other idiot will have their dropped.”
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