[Phantom Lord]

The House Democrats' legislation includes a measure that would let homeowners sue Wall Street firms for relief from mortgages that they could not afford.

The problem with this is that the Wall Street firms, like John Edwards former Hedgefund employer is that THEY DID NOT ORIGINATE THE LOAN, NOR PROVIDE THE FUNDS FOR THE LOAN!!!

All they did was buy the loans later in the form of mortgage backed securities.

[kitkat]

***The problem with this is that the Wall Street firms, like John Edwards former Hedgefund employer is that THEY DID NOT ORIGINATE THE LOAN, NOR PROVIDE THE FUNDS FOR THE LOAN!!!

All they did was buy the loans later in the form of mortgage backed securities.***

You are absolutely right! This is just another Dems ploy to help smarmy lawyers such as Edwards. So now Edwards can sue his own employers.

[businessprofessor]

This provision will make these securities toxic. I think that is the rat plan. The federal government will be forced to buy the loans and subsidize the borrowers. Maybe the federal government can lower the interest rates to 3.4% just like student loans will become under the new student loan bill.