Check these recent comments from Congress made this past Friday in a meeting with the Bush administration:
“Speed is important,” said Frank, D-Mass. “Time is of the essence.”
Rep. Gwen Moore, D-Wis., said that she was troubled that mortgage lenders were moving too slowly to reach out to at-risk borrowers to start the process of refinancing mortgages.
“What are you doing to use the bully pulpit to get institutions more on board to stop these foreclosures,” she asked.
Frank questioned why the administration was not backing a proposal made by Shelia Bair, head of the Federal Deposit Insurance Corp., that mortgage companies consider doing broadbased conversions of adjustable-rate mortgages to fixed-rate loans if the borrowers are current on their payments and living in their homes.
{ 11 comments… read them below or add one }
Many great ideas there… though the barn door is being closed after the equine escape.
Too bad that the “regulators” were asleep at the wheel when the abuses started… maybe things would not have gotten so bad. These new laws will help the next generation of borrowers, and that is great news.
However, there’s little help for those with unaffordable loans now.
- Paul
The outcries from politicians shows their ignorance of the situation. These loans have been packaged and sold off to investors much like a bond. The government doesn’t have the power to interfere in a contract that has been created between the borrower and the investor who owns the paper. The politicians don’t give a damn about the homeowner caught in this mess. They are using this issue to further their own reelection and to get a democrat in the White House next year. Trying to deal with the loss mitigators is a joke for most homeowners. The situation will get a lot uglier than it even appears now.
I agree Paul. There is little help now. But I believe in order to save their own butts (regulators, the Bush Administration etc.) will implement a massive bail out in order to save our country from economic destruction.
I do believe they have the power to intervene on these said contracts when the basis of these contracts were based on massive financial fraud.
This is a scam. A swindling of the American people on a massive scale. Theft, deception.
I guarantee that there will be a massive bail out or moratorium placed on foreclosures before this is all said and done. There are just too many variables and too much money and our economy at stake.
RE: “The government doesn’t have the power to interfere in a contract that has been created between the borrower and the investor who owns the paper.”
True, and such a rule is set forth in our U.S. Constitution under the Contracts Clause. However, in times of emergency or such other dire times, the government has been known to trample on the Constitution.
Of course, all politicians, not just the democrats are using this issue to get elected… and I won’t hold my expecting such great efforts from either party after the election.
Meanwhile, a bailout is completely different than interference with the contracts. Since it would be a good political move, there may be financial aid from the government in limited circumstances. We’ll see.
- Paul
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