Biden-Obama Position: Courts Should Have Power to Reset Mortgage Principal

transcript of Biden/Palin debate - cnn | 10/3/08 | Biden

[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."

[Rhinoceros]

This raise any eyebrows with anyone else when he said this?

[saganite]

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

[SoFloFreeper]

Absolute idiocy.

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

[wk4bush2004]

Socialism....

[Da Coyote]

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

[EyeGuy]

Incredible.

More catering to the lowest common denominator of society.

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

[Antoninus]

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.

[Da Coyote]

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

[perfect_rovian_storm]

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

[scooby321]

Joe might have just lost the election last night....

95% of the people pay their mortgages as is.

[highlander_UW]

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!

[wmfights]

This raise any eyebrows with anyone else when he said this?

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

[LivingNet]

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

[Froggie]

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.

[The Sons of Liberty]

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.

[big'ol_freeper]

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.

[Atlas Sneezed]

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

[thulldud]

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

[tbpiper]

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.

[peace with honor]

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