Only an ignorant, illiterate populace would approve this garbage.
Instead of encouraging people to be responsible and pay back (gradually) their home loans, student loans, car payments, etc., we now have the socialists in Washington stealing taxpayer dollars from responsible borrowers to give to irresponsible borrowers who borrowed more than they could handle. Stealing from someone who works hard, to give free handouts to others who borrowed too much.
Example: I heard from someone that if you only have 15,000/year of provable income, you recently could get a home loan for up to 250,000 from some mortgage companies! Ridiculous. Then the person claims bankrupty, and it tanks the economy for the rest of us, who LIVE WITHIN OUR MEANS. The funds come from taxpayers, many of whom know to buy within their means, and buy a cheaper house that is actually afforable.
Be responsible with your income, and stop complaining for taxpayers to bail you out, whether it’s irresponsible mortgage companies or irresponsible borrowers who bit off more than they could chew. Tax funds need to go to other things, like police, education, to protect the innocent, educate people, etc., and NOT to give free handouts to irresponsible nitwits who borrowed too much.
This bill also has a “provision to allow trial judges to arbitrarily adjust mortgages, creating bonanza for trial lawyers.”
So instead of your mortgage contract having legal weight, irresponsible borrowers can sue now for their principal to be reduced, OR the government can decide to reduce the principal! Talk about free giveaways at the expense of the taxpayer.
This bill rewards irresponsibility (both wall street and irresponsible borrowers who now can get a huge deal on an expensive house) and punishes responsibility, by not allowing house prices to fall even more so those of us who bought within our means can get a nicer house.
Gee, I wish I would have bought a 400,000 house and then whine that I can’t make the payments, so I could sue to get the principal reduced or have the government reduce it to say, 200,000. Yeah that sounds right. Wow the left-wing Democrats make so much sense, don’t they? Where’s the opposition from conservative Democrats and Republicans? Call your congressman and tell them not to steal from hardworking Americans who bought a cheaper house to give to those who borrowed too much.
It’d be one thing if the bill was shorter like it started, and it just let the companies BORROW this money and then they’d have to pay it back to the taxpayers WITH INTEREST. But now it’s extremely long and filled with pork and socialist policies that steal from responsible taxpayers to give basically free houses to people who were irresponsible and borrowed too much.
Conservatives consider a primary function of the government to reduce violent crime, protect the innocent, you know, basic things. Liberals consider a primary function of the government to steal from hardworking, responsible Americans to give to embezzling, race-baiting organizations like ACORN and La Raza and to irresponsible people who borrowed too much.
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