Posted by
Playful Walrus on Wednesday, April 02, 2008 3:20:53 PM
I don't matter as much as people who outspend their earnings, apparently. Richard Simon of the Los Angeles Times reports on what the Senate is doing.
A controversial proposal to allow bankruptcy judges to modify mortgages for struggling homeowners is not expected to be included in the compromise measure.
I would hope not. Why should a judge be allowed to change a contract both parties willingly entered?
The compromise bill is likely to include a provision that will allow state and local government housing agencies to issue up to $10 billion in tax-exempt bonds to refinance sub-prime loans.
This is disgusting. A bond means higher taxes down the road. Why should I pay more in taxes so that someone else can hold on to property they can’t afford?
It is also expected to provide more money to counsel homeowners threatened with foreclosure, and a requirement that lenders disclose more information to consumers taking out loans.
Here’s some counseling for you: DON’T BUY THINGS, INCLUDING HOMES, YOU CAN’T AFFORD!
"The Senate needs to take steps to help families with distressed mortgages, but without providing taxpayer-funded bailouts to real-estate speculators who took irresponsible risks," Sen. John Cornyn (R-Texas) said.
Why do we need to “help families” who are living in homes they can’t afford? Let them move to housing they can afford and make room for people like me, who have lived within their means.
Tuesday's bipartisan agreement was a dramatic turnaround from just a few weeks ago, when Senate Republicans blocked consideration of a similar proposal that included the provision to allow bankruptcy judges to change mortgage terms.
Sen. Johnny Isakson (R-Ga.) said he told Senate Republican leaders that, based on what he heard from constituents, "I did not think that doing nothing was an option."
Sorry, you can’t buy more votes than Democrats. It isn’t going to happen, unless you want to be more socialist than them. Why not side with liberty and personal responsibility, so you can offer a real alternative?
Democrats also want the bill to include $4 billion for local governments to buy and renovate abandoned properties, a provision that could benefit California, which has been hard hit by foreclosures.
No! Let me keep more of my money, so that I can buy and renovate those poperties!
Explaining the sudden stampede to take up the bill, Sen. Mel Martinez (R-Fla.) said, "Everyone was home for a couple of weeks, and if they heard what I heard in Florida, I think that they realize this is a serious, serious problem."
Well, yeah, people like me are too busy working and paying our bills and figuring out how to live within our means while saving for the future, so we don’t have the time for hound you like these people. Of course you’re going to hear from the people with problems. But how did they get those problems?
Democrats sought to ratchet up pressure on Republicans to act by pointing to the Fed's rescue of Bear Stearns.
Which is another reason why “we” should never bail out businesses, either.
Congressional action comes as foreclosures skyrocket across the country. In California, 31,676 homes were seized in foreclosure in the fourth quarter of 2007, a 421% increase over the same period a year earlier.
Great! Unless the government interferes, housing prices will drop until they are low enough that my family can afford to upgrade without destroying our finances. What happens to people like me, who have waited and saved, when the government gets involved? I get taxed more and will have less chance of upgrading to a better home.