Comments on: Neighborhood Destabilization Act: H.R. 1106

By: Wayne, Louisiana

Wayne, Louisiana — Fri, 31 Dec 2010 22:09:55 +0000

This is not written by a banker or investor. I believe the article alludes to the fact that actions have consequences. In this case, many responsible home buyers will end up paying a larger percentage of their income for other irresponsible citizens. Why should some people loose their homes because of rules or laws that force them to pay unexpected costs?

By: Dan

Dan — Tue, 05 May 2009 21:20:13 +0000

Bottom-line, this blog post was written by a fat cat banker or investor!

By: Dwizz / N.C.

Dwizz / N.C. — Thu, 16 Apr 2009 01:18:12 +0000

I understand both sides of the argument, bailout the homeowners or not. But i would like someone to explain that while the lenders are not responsible for the fraudulent loans then why not bailout the mortgage brokers and the borrowers, because the government sent money that belonged to the tax payers and bailed out the banks. Or maybe i said that wrong,the government sent the banks money and they just hoarded it. They haven't helped a single taxpayer with those billions that they received.So tell me why and how the lenders can be hurt when they have already been compensated for what little interest they will loose by letting home owners modify their home loans. So basically what the lenders need to do is to spend the money that we gave them for what it was intended for, to sure up the economy by halting the fast falling foreclosure market and to buy back these toxic assesses. And if they would use the money that was giving to them then our homeowners would not have to seek shelter under the bankruptcy laws. I think that it is very sad for our government to keep bailing out these failing banks, vehicle manufacturers and financial institutions so freely but want to stop short and haggle over helping our fellow citizens that paid their taxes only to see them go towards helping everyone but themselves. And i pity all of you, regardless of how you feel, that will protest and leave messages on these various sites suggesting that we not help citizens that are in trouble of loosing their homes even if it was their fault. We spend trillions each year helping other countries and bring our dead home daily because we were helping others to live a better life. But screw our USA citizens, just keep paying your taxes so our government can ship it overseas to help someone else. You Americans that post against your fellow citizens trying to get help is just so appalling. You are kicking your neighbor in the tale when they are already down. PLEASE GET SOME KIND OF HELP, because it seems that something is seriously wrong with your thought process.

By: Dwizz / N.C.

Dwizz / N.C. — Thu, 16 Apr 2009 01:01:13 +0000

I understand both sides of the argument, bailout the homeowners or not. But i would like someone to explain that while the lenders are not responsible for the fraudulent loans then why not bailout the mortgage brokers and the borrowers, because the government sent money that belonged to the tax payers and bailed out the banks. Or maybe i said that wrong,the government sent the banks money and they just hoarded it. They haven't helped a single taxpayer with those billions that they received.So tell me why and how the lenders can be hurt when they have already been compensated for what little interest they will loose by letting home owners modify their home loans. So basically what the lenders need to do is to spend the money that we gave them for what it was intended for, to sure up the economy by halting the fast falling foreclosure market and to buy back these toxic assesses. And if they would uses the money that was giving to them then our homeowners would not have to seek shelter under the bankruptcy laws. I think that it is very sad for our government to keep bailing out these failing banks, vehicle manufacturers and financial institutions so freely but want to stop short and haggle over helping our fellow citizens that paid their taxes only to see them go towards helping everyone but themselves. And i pity all of you, regardless of how you feel, that will protest and leave messages on these various sites suggesting that we not help citizens that are in trouble of loosing their homes even if it was their fault. We spend trillions each year helping other countries and bring our dead home daily because we were helping others to live a better life. But screw our USA citizens, just keep paying your taxes so our government can ship it overseas to help someone else. You Americans that post against your fellow citizens trying to get help is just so appalling. You are kicking your neighbor in the tale when they are already down. PLEASE GET SOME KIND OF HELP, because it seems that something is seriously wrong with your thought process.

By: NOW IS THE TIME TO C

NOW IS THE TIME TO C — Sat, 04 Apr 2009 14:06:13 +0000

TO ALL PEOPLE IN FAVOR OF HR 1106… THE HOUSE PASSED THE BILL AND.. DID THEIR JOB ON MARCH 5TH! PRESIDENT OBAMA HAS ALREADY SAID " I WILL SIGN THIS BILL "HELPING FAMILIES SAVE THEIR HOMES" ASAP AND MAKE IT LAW"…..THE ONLY HOLD-UP IS YOUR… " US SENATE ". 60 VOTES ARE NEEDED FOR HR 1106 TO BE PASSED. IT IS AT LEAST 10 VOTES SHORT AT THIS TIME OD 4/3/2008 AND THE SENATE IS IN RECESS FOR 2 WEEKS. WHEN THE SENATE RETURNS..THIS BILL WILL BE ONE OF THE FIRST ITEMS ON THE AGENA. WE NEED TO GET 60 VOTES IN SUPPORT… AND IT CAN BE DONE, BUT NOT BY SITTING AROUND DOING NOTHING ABOUT IT ! THIS IS WHY ! THE (SUPPOSED BROKE) BANK INDUSTRY IS SPENDING MILLIONS TO LOBBY TO ATTEMPT AND DEFEAT THIS BILL IN A FINAL STAND IN THE US SENATE ! BY USING THE MILLIONS THAT "YOU " THE TAX PAYER BAILED THEM OUT WITH ! AND YES, IT SHOULD MAKE YOU ANGRY ! THIS IS THE LAST STEP TO FINALLY ENDING THIS NIGHTMARE FINANCIAL CRISIS. DON'T LET THIS OPPORTUNITY SLIP AWAY. IF YOU CARE..AND YOU DO OR YOU WOULDN'T BE ON THIS WEBSITE, " MAKE YOUR VOICE HEARD". NOW..IS THE TIME TO DO THE MOST WITH IT. DURING THIS 2 WEEK RECESS… TOGETHER WE CAN PILE UP AND OVERWELM THE SENATORS WITH, EMAILS, CALLSA, LETTERS, DRAW ATTEN. AND SUPPORT BY "DEMANDING" NOT ASKING TO GET THE JOB DONE AND SUPPORT HR 1106 AND SENATE VERSION S.61. THIS BILL IS NOT A MONETARY BAILOUT, BUT SIMPLY CHANGES THE CHAPTER 13 BANKRUPCY LAW TO GIVE JUDGES THE POWER TO MODIFY MORGAGES. THIS WILL MAKE BANKS OFFER "GOOD MODIFICATIONS" AND TO BE AGRESSIVE TO WORK WITH HOMEOWNERS.. OR FACE THE REAL POSSIBILITY OF A JUDGE.. REDUCING THE LOAN TO CURRENT VALUE, OR A JUDGE MAKING HIS MODIFICATION…. WHICH BANKS FLAT OUT FEAR..THEN AND ONLY, THE BANKS WILL BEGIN TO MAKE GOOD MODIFICATIONS, WHICH UP TO TODAY ARE SIMPLY NOT DOING THEIR PART AND DRAGGING THEIR FEET, LETTING HOMEOWNERS LOSE THEIR HOMES, AND NOT REALLY REDUCING PAYMENTS.. WHICH ACCOMPLISHES NOTHING. IT ONLY TAKES A FEW MINUTES OF YOUR TIME, BUT COULD MEAN A LIFETIME OF PEACE OF MIND AND HAPPINESS IN THE LONGRUN. TAKE THE TIME TO CONTACT AND MAKE YOUR VOICE HEARD!!!! IT IS SIMPLE " GOOGLE" YOUR STATE AND US SENATORS. ALSO ANY OTHER STATE YOU CHOOSE AND US SENATOR, IT WILL LEAD TO HIS OR HER WEB SITE. FOR THE MOST PART IT IS SUPPORTED BY DEMOCRATS. BUT WE NEED BOTH DEMOCRATS AND REPUBLICANS AND THIS IS NOT A PARTY LINE ISSUE AS AND IS A AMERICAN CRISIS ISSUE. (REMIND THEM) PEOPLE FACING LOSING THEIR HOME ARE NOT SEPARATED BY DEM/REP PARTY LINES, THEY ARE AMERICANS..IN MANY STATES WITH HIGH FORECLOSURE RATES, 1 OR BOTH SENATORS ARE REPUBLICAN. TELL THEM TO NOT TURN THEIR BACK ON YOU AND BE BOUGHT OFF BY THE PEOPLE WE BAILED OUT!…WORKING TOGETHER IN NUMBERS AND BEING LOUD AND DEMANDING. WE CAN MAKE THE DIFFERENCE, THIS IS THE LAST STEP. LETS GET IT DONE!

By: Philippe, Chicago

Philippe, Chicago — Sat, 14 Mar 2009 09:41:06 +0000

Had the Obama Administration used the trillion dollars in stimulus money to pay down principal of underwater mortgages instead of using the economic crisis to push its long term spending objectives, it could have done quite a but to alleviate the root causes of our current crisis.

By: Jonathan, WV

Jonathan, WV — Wed, 04 Mar 2009 20:22:53 +0000

"Used to be Republican in KY"

This is a bailout and people who were given loans and have failed, rich or poor, do not deserve to be bailout by you or me. I pay my morgage and I am certainly not rich. Why should I have to pay for others who did not pay theirs? It is not my fault. You say it is not a "bailout," are they using tax payer money to do it? Yes, and people are being rescued who through themselves into the pool not knowing how to swim. I don't blame people for their mistakes but I do ask that they pay for them.

This hurts business and awards bad behavior. I wouldn't do the same in my classroom. There would be a riot. Why would I want politicians, the ones you trust and put your faith in, to the same?

By: Jonathan, WV

Jonathan, WV — Wed, 04 Mar 2009 20:12:07 +0000

Good points by many of you. The one thing we all need to remember is the reason we are in this absurd situation. We are here because there are politicians who believe that a "Utopian" society can be achieved through government regulation or mandation. We have to remember that Jimmy Carter and the Democrat Community Reinvestment Act forced local banks to make risky loans, usually ones in "Red Lined" areas.

Fannie and Freddy would purchase these debt assets knowing the high risk. The people do not pay the bills, the debt build up, the company spends money that it doesn't have or is secure, and the company fails.

I see the same thing happening to local radio stations. localism will be implemented, people will be placed on the air-waves, audiances will leave, and this form of media will fail.

Both situations are similar to this so important quote,

"One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making the industry unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary." –Ayn Rand

So much is said here in one sentence that properly describes what is happening. The government tries to dictate and "equal" the playing field but in the end destroys the element it tries to save.

Now the President is allowing judges to set the agenda for borrowers transforming them into a high risk asset for the lender. Does this apply to everyone? No, in fact this only applies individual underwater $730,000. This is enforcing poor behavior for Americans. When the President annouced this grand plan, the number of late morgage payments jumped. When the government was passing out money with no strings attached, did we not see businesses and states come crawling to Washington for their share? You bet we did. They basically formed a soup line.

Know how the New Left works, "One of the methods used by statists to destroy capitalism consists in establishing controls that tie a given industry hand and foot, making the industry unable to solve its problems, then declaring that freedom has failed and stronger controls are necessary."

Know what you are facing.

By: Used to be Republica

Used to be Republica — Tue, 03 Mar 2009 22:14:58 +0000

Has anybody read the text from the introduction of HR 1106 in congress on Feb 26th? Here it is "http://www.govtrack.us/congress/bill.xpd?bill=h111-1106&tab=speeches". Take a look at the blatant lies and false statements the republican party expresses. They are trying to raise the monster they created with the wallstreet "bailout". Suggesting that they're bailing out people in bankruptcy. I can bet most of them and their rich wallstreet cohorts have a second or vacation home that they'll get crammed down under current bankruptcy law. This is an equalizing bill. It gives us with only one home the same benefits as the wealthy. Vote for this and never vote republican again! Vote out the blue dogs next time around!

By: Ellen, FL

Ellen, FL — Tue, 03 Mar 2009 17:51:57 +0000

Michael and Karl — thank you for excellent points. Karl, I especially appreciate that you pointed out that if this had been in place a year or two ago many of the homes that went into foreclosure would not have. Here in FL there are so many foreclosures that our home values have plummeted. Responsible borrowers are paying for that every single day.

Bankruptcy is not an easy out for these borrowers — especially not now thanks to BACPA. Spend one day in a bankruptcy court and you'll see how "easy" the decision to file is.

I firmly believe the banks will end up ahead if a borrower starts repaying the loan (even at a reduced amount) than if they let another home go vacant, become vandalized, and then languish on the market for only-God-knows how long.