Comments on: Congress Wants Foreclosure Help and They Want it NOW

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By: Paul

Paul — Tue, 06 Nov 2007 01:02:22 +0000

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

By: Moe

Moe — Mon, 05 Nov 2007 21:48:36 +0000

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.

By: Moe

Moe — Mon, 05 Nov 2007 21:42:48 +0000

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.

By: Fred

Fred — Mon, 05 Nov 2007 20:06:15 +0000

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.