CSM:
A smart fix for the subprime mess. “When servicers are unwilling or unable to voluntarily modify exploding, unsustainable home mortgage loans, Congress has a duty to consider involuntary modification in bankruptcy court, where the same relief is granted on all other secured loans.”
Comments:
Nothing like throwing the problem to the courts, where everyone will *really* save money ...
I call this kind of link “J-bait” ... (grin) ... I couldn’t resist linking “Mr. Flat Tax.”
Posted by Garret P Vreeland on 01/22/08 at 07:48 PM
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Astroturf.
“Over the past 15 years, homeownership, especially among people of color, has risen to historic levels. In just the past five years, 2.8 million families have bought their first homes. Now, the subprime mortgage crisis is threatening to roll back this progress.”
OMG, CIVIL RIGHTS ERA GAINS ARE AT STAKE! QUICK, BAAAIIILLOUT!!!!!
“How can the government help homeowners without putting taxpayer dollars at risk or sending the wrong signals to the housing market?”
Probably the same way a burning strawman helps local firefighters..... Nice false-premise…
“When servicers are unwilling or unable to voluntarily modify exploding, unsustainable home mortgage loans, Congress has a duty to consider involuntary modification in bankruptcy court, where the same relief is granted on all other secured loans.”
So much is wrong with this sentence, I don’t know where to begin.
“Some argue that expanding bankruptcy relief for homeowners would encourage frivolous bankruptcy filings, but recent reforms have made filing a very onerous process.”
But, it’s all gonna work out, right? Because...after all....
“People who bought homes with the intent of flipping them two years later are not going to go through the aggravation, embarrassment, and cost of bankruptcy.”
Jeez, why would they do *that*? It’s *TOO* embarrassing!!
God, who *writes* this stuff!??
.....Oh, him....