Posted on 02/09/2009 2:50:36 PM PST by pleikumud
"If you are like most people, including me, and you've got one house ... it turns out that under current law you can't modify that mortgage if you are in bankruptcy," Obama told a townhall meeting as he campaigned for an $800 billion economic stimulus package being debated by lawmakers.
"That makes no sense ... that is forcing a lot of people into foreclosure," Obama said. "This is a piece of legislation that I strongly support."
(Excerpt) Read more at cnbc.com ...
Yeah, but Obama’s lawyer owns his house, so he can avoid taxes.
Every time he opens his mouth all he can do is jive talk.
Such a GENIUS!!!!!! I think we’ll just skip out on OUR recent little mortgage....the bank won’t miss it....
The report says: “President Barak Obama said on Monday that he supported changing the rules to let judges modify first mortgages to prevent home foreclosures.”
Just asking out of pure ignorance here...(and I’m not being snarky or anything, just curious), but aren’t mortgages/contracts modified all the time? I’m not understanding?
“”If you are like most people, including me, and you’ve got one house ...”
Yeah, but it ain’t a gift from a convicted felon...
If he is supporting legislation to modify first mortgages, does that mean 2nd, 3rd and so forth could be modified? If that is the case, then maybe the One is right.
Hold on a sec...didnt Biden have a part in those bankruptcy laws???
If all parties to a contract are willing to rewrite that contract, fine. There’s a problem when the government (in the form of a judge) forces a contract to be modified to benfit one party at the possible detriment of the other party.
How is a judge negating a contract in this case? Contracts are modified all the time with the consent of all parties to the contract.
Right to gain the power to unilaterally change the terms of a signed contract???
That's a very quick way to make contracts entirely useless, and for nobody to ever loan money to anyone in the future.
If that's what you mean by "right", then perhaps he is.
Joe Biden used to be referred to as the Senator from Bank of America, which acquired MBNA, which was headquartered in Wilmington. And, yes, Biden was the author of the current bankruptcy law, though I suspect it was written by his friends at Bank of America.
Can’t make car payments, can’t pay for the new furniture? According to Obama the bank or other owner of the promissory note has no rights.
Property rights are fundamental to our free, capitalist country. Without property rights, freedom doesn’t exist.
http://online.wsj.com/article/SB121950541258566467.html?mod=googlenews_wsj
I taught I taugh a putty tat...
The logic is since the banks/mortgage companies are bailed out by the government too, the third party.... taxpayers, who art not a party to the contract, get stuck with the bill. So the deadbeats and the banks win and the rest of us get you know what.... and the judge gets re-elected to boot.
Obama is talking about judges forcing modifications to benefit the debtor and screw the lender.
During bankruptcy proceedings, the bankruptcy judge can modify mortgages of all but your primary residence. This new law would allow those seeking bankruptcy protection to modify the mortgage terms on their primary residence. They could then seek bankruptcy protection and still live in the home, with new terms of payment.
Didn’t Rezko buy Obama’s house?
Maggot Kenyan.
>> According to Obama the bank or other owner of the promissory note has no rights.
Correct. Therefore, according to the Law of Unintended Consequences, it might be kind of tough for one to find a lender willing to TAKE a promissory note, after this goes down.
Not a real swift idea.
Zero is really hitting all his “marks” or is it “Marx” as he spends his “political capital”.
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