Tuesday, February 26, 2008
Taking down the economy, 1 step at a time
So the mortgage meltdown and housing troubles continue to give the democrats a platform to scream "I can give you....". Harry Reid, D-Nev, has placed into the Foreclosure Prevention Act of 2008, language allowing bankruptcy judges to actually change the terms of mortgages. You think credit tightened up already, think again. Why would lenders issue mortgages, currently protected from arbitrary interference, when any judge can change the terms? Why not give people another reason to file bankruptcy, it only eradicates their credit for 7 years. A foreclosure can be as gentle as 2 years on credit reports before recovery. Who makes the money on a bankruptcy? If the dems really cared, they might want to look at the process a little closer, but that would mean literacy, another topic all together. The earliest reaction from the American Bankers Association is that interest rates will go up at least 1.5%, or $300 per month on a $300,000 loan. Of course the two front running democratic presidential candidates signed on immediately. It is touted as a temporary solution to an immediate problem, which will change our economy forever. Who could vote against its' renewal? We are looking at a massive insult to not only the economy, but the basic free market powers that have made this country. Senate vote S2136 should be coming up today, it will be interesting if our Congressmen and women can read it for what it really is.