Democrats reach deal on mortgage relief bill

yahoo news/AP ^ | 3/4/09 | jdsteel

[jdsteel]

WASHINGTON (AP) -- For key moderate Democrats in the House, giving debt-strapped homeowners the right to seek mortgage modifications in bankruptcy court had to be a last resort.

So they wrote a compromise to a housing bill that requires bankruptcy judges to consider whether banks offered homeowners reasonable loan restructuring deals before they weigh in with judicial remedies....

[jdsteel]

Once again, right out of Atlas Shrugged. The power of "pull" (political influence). Legislation usurping normal economic progress. And a complete FOOL (Maxine Waters) that in better times seemed like a harmless idiot that is now wielding power indiscriminately. SCARY. When is the revolution?

[Boiling Pots]

Why should legally binding contracts interfere with Ms. Waters’ constituents! Wouldn’t that be racist??

[sitetest]

Cramdowns were among the tools that bankruptcy judges could use prior to the 2005 “reform” of bankruptcy laws. This merely partially returns the law to status quo ante 2005.

[sickoflibs]

From the “THE ANT AND THE GRASSHOPPER 2009 “

“Nancy Pelosi says this is just proof that eight years of capitalism has failed and introduces the “Home Fairness Act” into congress that lets a judge give a foreclosed house to the grasshopper from the government nationalized bank”

http://sickoflibs.blogspot.com/2009/03/ant-and-grasshopper-2009.html

[rawhide]

Why stop at mortgages? How about car loans, revolving credit, pawn shops, and payday loans?

[madinmadtown]

Can we Constitutionally call for new elections? for the POTUS and all of Congress?
The passing of the Porkulus Bill without reading it should qualify as a dereliction of duty to the Constitution and all of those who voted in favor should be held responsible.

[mewzilla]

For key moderate Democrats in the House, giving debt-strapped homeowners the right to seek mortgage modifications in bankruptcy court had to be a last resort.

So much for contract law.

[KeyLargo]