[goodnesswins]

"Frugality is no longer rewarded, as the grasshopper has won out over the ant."

I'd say....temporarily....

[Jeff Chandler]

During the hayday of the housing boom, hordes of investors from California swarmed the Arizona market, inflating prices beyond all reason. At the same time, Mexican immigrants were buying homes in record numbers. Our neighborhood is awash with houses bought by Mexicans and later discarded.

We’re current with our mortgage. Perhaps that is a mistake.

[The people have spoken]

giving bankruptcy judges the power to reduce the interest rate and principle on a home mortgage.

What? IBD doesn't know how to spell principal?

[org.whodat]

The House continued on Thursday to mortgage everyone's future by approving 234-191, largely along party lines, a measure giving bankruptcy judges the power to reduce the interest rate and principle on a home mortgage.

Bet the bankers never thought of this when they were rolling all those arm's.

[Ruy Dias de Bivar]

***Equity: A House bill rewards people who bought houses they couldn’t afford by letting judges rewrite private contracts.****

Rememeber, a house must be maintained to keep it’s value. If judges rewrite loan contracts expect the houses to deteriorate around the occupants.

[Ashviadan]

The idea that contracts no longer mean anythings is quite disturbing...I work for a Credit Union, thankfully we were not involved in any subprime loans, did the right thing by our members and have had very strict lending guidelines, however, this bill allows for people that we lent to, to go to court and have their principle balances on their mortgages lowered!!! What do they think this is going to do to the lenders...do they think lenders will ever want to lend again, knowing that the contract could be changed so easily. I personally could qualify for this (my husband lost his job, thus i would be over the 32% percent debt to income ration) but we bought a house we could afford no matter what happened, we saved a “rainy day fund” to be prepared for the worst case senario. We did the right thing and yet many other who did not do the right thing are going to have their mortgages lowered!! It is truly digraceful.

[Arthur McGowan]

I don’t think Obama even wants to “remake” the United States into a socialist state.

I think he wants to KILL all the white people in America, through economic chaos, freezing, starving, terrorist attack, etc.—and is willing to see a lot of black people die, too, if that’s what it takes.

Just as he is happy to see most black pregnancies end in murder, just as long as white babies are murdered, too.