Foreclosure Prevention Act of 2008

[jamesd1628]

Foreclosure prevention plan under attack - Feb. 21, 2008

Haven't heard much about this in the mainstream media, but the Dems apparently want to modify the bankruptcy laws to allow judges to reduce the principal balance of a mortgage loan (as they can already do with unsecured debt, such as a credit card). This would wreak havoc in the residential lending markets, I would guess, and cause a gross increase in interest rates across the board (good luck to the first-time home buyers out there). Anyone have any thoughts or additional information on this?

 

[therealUT]

Socialism at its finest. I find it ironic, though, that there will in fact be a sizable outcry over this, yet, some of the same people frustrated with the government over this issue are at the same time frustrated with big oil for "price gouging."

And, yes, I am fully aware that I have opened up a new can of worms.

 

[utvolpj]

I'm still angry I don't get my $600 back and now I didn't even have to pay my mortgage? I coulda had a skybox...

 

[Vol Mania 21]

so we aren't getting 600 in may?

 

[droski]

how the dems think this can be done without massive lawsuits by the companies that own these mortgages is beyond me.

 

[Volnissniss]

93% of homeowners pay their mortgages on time. Yet another way to make the lot of us pay for the social issues of the few. This is a welfare issue in disguise.

 

[volinbham]

I'm still angry I don't get my $600 back and now I didn't even have to pay my mortgage? I coulda had a skybox...

:birgits_giggle:

 

[justingroves]

Socialism at its finest. I find it ironic, though, that there will in fact be a sizable outcry over this, yet, some of the same people frustrated with the government over this issue are at the same time frustrated with big oil for "price gouging."

And, yes, I am fully aware that I have opened up a new can of worms.

So true