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."
Yes, courts do this with student loans all the time, actually. Student loans are nondischargeable in bankruptcy at present (since 1998), but borrowers can file an adversary and the judge can change the interest AND principal. I’ve seen it. They also change the terms with judgments.
I don’t like it—judges are often very soft on deadbeat student loan borrowers—I’m a big believer in binding contracts and upholding the terms of the promissory note.
““Well Gwen, two years ago Barack Obama warned about the sub prime mortgage crisis” - Biden
Can anyone confirm this???”
THANK YOU FRiend!!
I’ve been trying to get an answer on that one myself.
Obama first made this claim during the 1st debate.
I was skeptical when he said it, but I figured fact checkers would rule on that one.
I haven’t seen anyone talk about this.
Now Biden says the same thing.
I’m having a VERY hard time believing this.
After Nov. 4 our entire framework of laws will probably change forever if Obmama wins. Remember: "From each according to his abilities to each according to his needs." I've seen proof that many people already believe that's actually from the U.S. Constitution!
He seems to have said that in 1840, so he's earlier than Marx.
True.... the dims have no principles.
> These two loons (Obamaloon and Bidenloon) cannot possibly be this stupid, are they?
Never underestimate the ability of a truly stupid person to really be stupid.
“What really angers me about the assessment is that the enviro nazis on the council, decided to set a prix fixe for all acreage in the county, so now matter the location or the true value of the property, you pay the same rate per acre, probably more per acre for commercial acreage.”
That sounds like something that could be legally challenged, especially if many homeowners joined forces on that one.
I always go in on grievance day just to confirm how they are figuring things and to compare how I am paying as compared to my neighbors.
I have saved alot of money just by showing up and asking questions.
After all... I am hungry. That's good enough reason
Go to your bank...refinance to stretch you payments out. One of the problems I see is giving 30 years mortgages to people who are 50 and those damn “equity loans”...which is usually what triggers the bankruptcy....besides peoples’ maxed out credit cards.
you don’t get it....only blacks will qualify for mortgage reductions....backdoor reparations for slavery
I guess they think it's OK for Congress or the courts to do so, just not a state government.
““Well Gwen, two years ago Barack Obama warned about the sub prime mortgage crisis” - Biden
Can anyone confirm this???”
Rather than letting this question be buried within a thread, why don’t you start a new thread/topic, asking your question?
The net result is that the banks will entirely get out of the mortgage business. That gets them out from under the thumb of the Community Reinvestment Act, and all sorts of other stuff.
What would replace it would be a financial entity that exclusively did mortgages, would not have branches all over (since being disallowed to open new branches is one stick the CRA has over banks), and might even only have an internet presence. They might even be based offshore.
Where does it say in the Constitution that everyone has to own a house and go to college?
I worked at a bank for years, and when i left five years ago we were all shaking our heads at the other banks giving out interest free loans, 120% home equity loans, and all of the lending without documentation.
We didn’t do those things, and the bank is in fine shape.
The CRA drove a lot of this. But there were greedy mortgage agents, greedy people, and stupid investors looking for 25% return on their investment annually. The Boards of directors were pushing for higher and higher returns. They got ‘em.
We really need a return to some sanity in underwriting. One of the biggest problems I see with the bail out is that they don’t do anything to change the rules of underwriting-and that means nothing has changed.
My poor wife had to listen to me freak out when he said that.
What the hell universe are we in when these jackasses think they can simply usurp anyone’s property at will.
I have some very serious worries about where we are, nevermind where we are headed.
150% interest on $0 principal is still 0...
“Like most Marxist policies, the result is the opposite of the intent.”
I agree that the results are the opposite of the STATED intent, but I think the results are exactly what the elite Marxists are intending.
“That would be the neighborly thing to do, don’t you think?”
Nope! But it would be patriotic!
I heard him say that and my jaw DROPPED. Courts ... adjusting the PRINCIPLE amount!!! I was so mad. What a FASCIST PIG! (There’s a lipstick joke in there somewhere.)
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.”
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This doesn’t go far enough. This shouldn’t just involve bankruptcy mortgage proceedings but all mortgages. To achieve fairness the courts should set interest rates and reduce principal for all mortgages. There should be no reason that one person owes more on his house than another. This affects the poor and minorities the most and is discriminatory. /s
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