“Where is your money going? on Obamas Website”
Where is the mortgage bailout on this page? (Note the pretty bubbles!)
http://www.recovery.gov/?q=content/investments
Tonight's Headline: Racist Boortz Uses Racist Codeword
Isn’t it specifically in the Constitution that the fedgov may not alter contracts made in the states?
I know that that has very little to do with them actually doing so.
Actually, I have a different take on how the cramdowns will work. It will be similar to how sub-prime mortgages became so ubiquitous.
In the case of subprimes, the Dems started way back in the 80’s ginning reporters up about “red lining”. There were even several series of “public interest” ad campaigns about it. ACORN and “community groups” geared up to pressure banks. Their supporters in Congress tightened regulations, forcing banks to make more and more of these loans. Then it all backfired when it turned out these weren’t victims, they were bums who don’t pay their bills or read contracts before they sign ‘em.
Cramdowns will work much the same way. As judges around the country begin adjusting mortgages, ACORN types will “notice” that people in Pasadena are getting bigger cramdowns than people (of color) in South Central LA. Or NYC people are getting bigger cramdowns than people (of color) in New Orleans. Never mind that their mortgages are bigger. Racism can be the only explanation for the “disparity”. ACORN will get BILLIONS to go in and “counsel” the poor victims. ANd, eventually, it will be legislated that those previously “red lined” areas will get a “bonus” cramdown. And so on, until their mortgages are forgiven entirely.
THAT is how it will work.
As an officer of a small, independent bank, this bill, and the “Homeowner Affordability and Stability Plan” to be administered by the federal banking regulators, are truly frightening, anti-capitalism measures. These evil kooks in Washington are going to wreck our country in double-time.
Back on topic, this "cramdown" violates the concept of contract law. A principal reason for having a government and judiciary is to enforce contracts between individuals. Absent the concept of enforceable contracts, we have little reason for a judiciary or contracts. It is one of the only justifiable reasons for government to exist.
