"Many mortgage companies are reluctant to help families restructure their mortgages because they're afraid of being sued by the investment banks, the private equity firms and others who actually own the mortgage papers,"Jesus Fucking Christ on a Stick, this is stupid.
"This is the case even though writing down the value of a mortgage is often more profitable than foreclosing," she said. Clinton said she would offer legislation "to provide mortgage companies with protection against the threat of such lawsuits," but provided no further details.
Clinton also called on President Bush to appoint "an emergency working group on foreclosures" to recommend new ways to confront housing finance troubles. She said the panel should be led by financial experts such as Robert Rubin, who was treasury secretary in her husband's administration, and former Federal Reserve chairmen Alan Greenspan and Paul Volcker.
Clinton said she supports pending legislation to establish an auction system for hundreds of thousands mortgages in default. Under the plan, drafted by Democratic lawmakers, lenders "could sell mortgages in bulk to banks and other buyers," Clinton said, who in turn would "restructure them to make them affordable for families, because they know the government will guarantee them once they're reworked."
Alan Greenspan? The same fucking Fed chairman that caused these economic problems? THAT Alan Greenspan?
I seriously hope this is just campaigning rhetoric on Clinton's part. All of these plans she's offering does one thing.. rewards people who have not paid their mortgage.
Who is going to "write off" part of MY mortgage? Huh? Do I need to stop making payments and ask them to lop off some of the balance I owe?
I can't believe I'm saying this.. but I hope the Republicans block this stupid shit.. because it's beyond horrible. It's not "communist". It's not "marxist". I really don't know what it is.. except that it's the most horrid idea ever.
You don't reward stupid.
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