House Approves Mortgage 'Cram Down' Bill

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soundtracks of AL 6:49AM July 17, 2009

Hey Mike....if you did some investigation you would find that the newly elected majority party is to blame for predatory lending.....and Bush tried to enact legislation to stop it but was blocked by the a-holes that are now in power completely. Give thanks to good ole Billy boy back in the 90's for forcing these banks to give loans to idiots who could not afford one. Of course there are going to be banks that prey on stupid people. But if you would use some common sense, which apparently many people lack nowadays, you could see through the sheep's clothing and see the loan for what it really was. Give me a break !!!
My heart goes out to those who are losing their home through no fault of their either through job loss or stocks crashing etc....but I will not feel sorry for someone who lives well beyond means having to move out of a house that they should have not been allowed to buy in the first place.
In the meantime, people who have paid their bills and lived within the rules are being screwed over because the banks have to make that money they are losing by being forced to eat these bad mortgages....its called capitolism....and it is part of what makes this country a superpower.
Fiscal responsibility has obviously been left out of the country's curriculum for the past 2 decades and it continues to be neglected by the current government who want pay for everything for everyone. Sooooo, I am buying a Hummer....no make it two today....and a mansion on a hill and I will send my kids to private schools I cant name for absorbenant amounts of money and I will not lose any sleep about not being able to afford it all because the government will see that I was taken advantage of and make you pay for my piss poor judgements.
I LOVE THIS COUNTRY !!!!

AV of FL 6:22AM May 08, 2009

It is apparent that some of you people don't understand what a negative am loan is, or that some institutions have deliberately designed programs in order to acquire more foreclosures. Financial predatory lending has been running wild, the federal government has done nothing to stop that, and NOW that they are, you have a problem? If legislation is put in place to prevent these lenders from passing along their "losses", what thoughtful person could have a problem with forcing them to restructure intruments like 150+ percent negative am loans with arms and balloons? Those loans will destroy an otherwise solvent person.
For those of you who would defend such institutions, I hope that life always treats you with the same consideration and sensitivity that you've shown on this site.

Mike of FL 11:02AM April 25, 2009

I agree with this bill. Unfortunately, many people have lost their jobs and have tried over and over again to have mortgage companies work with them to even temporarily reduce their payments, only to be told "No" time and time again. All of the tax money already to allocated to various programs implemented late last year, was money wasted, as the mortgage companies refused to offer the programs that the government agreed to guaranty, due to the fact that they would have to reduce balances in many cases. My family is facing walking away from our home, after repeated attempts to have Countrywide work with us on our mortgage. My husband lost his job in December and we have been living on our savings and retirement to continue making payments. Meanwhile, we cannot sell because our home is worth 50% less that we paid for it in March of 2005. We too have always paid our bills, but cannot continue unless our payments are reduced. Unfortunately, it looks as if the cram down bill passes will be the only way to force the mortgage company to work with us. Thank you Mr. President for identifying the need of so many families in this country.

YMD of AZ 6:22PM April 05, 2009

I guess after reading every comment from these liberal whiners I have come to the conclusion that I know longer have to be responsible with my affairs.
I can simply buy the biggest house I can find, buy a jaguar, buy some really nice clothes on my credit cards, charge every meal to my AMEX card and let someone else pay for it.
I dont even have to worry about paying for my son's tuition to college. Someone else, maybe even Barack himself, will simply wave a magic wand and poof my son's college debt will all but disappear.
And......the best part of all......my credit score is intact !!! What a country !!!! I just have to whine a little more and make all you bleeding hearts feel sorry for my dumb choices and you will make everyone else pay for it.
GOD BLESS AMERICA !!!!!!!

AV of FL of FL 11:23AM March 23, 2009

Its called disability insurance; plain and simple. I am sorry for peoples misfortunes also but where do you draw the line. Its called natural selection, only the strong and the fit survive. If we stray from this force of nature because of vast prosperity we will find ourselves all in the same boat eventually. A boat that can no longer support the weight of a extremely bloated payload of people who no longer have the drive to do what is required to survive. Sometimes you have to kill a few animals for the good of the herd!

Jason Treb of MN 2:45PM March 17, 2009

Wow I find these posts harder to read everyday. People say mortgage contracts are sacred. Now know this in bankruptcy if you own 2 or 3 homes its ok to break those same contracts! Also its ok to bail out banks but not your neighbor, really sad. One more thing about contracts that should not be broken tell that to thousands of Union worker and their family contracts they will break this year... Just becareful when you dont want to help your neighbor because you might need that same help.

Q.Scott of IL 1:13PM March 16, 2009

i read and hear so many people complain about how they have to pay for other people's mis fortunes, to those that are complaining thank god that you are not in the same shape alot of people are in, you have a job for now, you have food on your table for now, you can pay your bills for now, you can pay your mortgage for now, you have the time to complain about other peoples problems for now, you know where you,ve been but you don't know where you are going, time and unforseen occurence's befall us all, many mortgage lenders and bankers ripped people off for commision, they had no feeling that this person down the years would lose their homes all they cared about was their pockets. think about all your tax money being use to kill so many americans in war's. be happy when your money is helping families, many people are suffering it could be you next. unforseen occurences befall us all, that's in the bible. PLEASE read it, and stop complaining

rita of AZ 10:33PM March 14, 2009

I'm not hard-hearted, I believe in helping my neighbor, and I know that there are a few people out there whose difficulties are not of their own making. That being said, I'm tired of the Federal Government spending stupid money. That is not the Federal Government's role! The Constitution of these United States says so; I've read it!
I am disgusted by the leeches I have heard lately who think they are owed something, courtesy of my family's tax dollars. My family's federal tax dollars are supposed to be spent to "establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty". Nowhere in the Constitution does it state that the Federal Government is to be a money collector to redistribute that money to others who want a place of their own to live, better medical care, or to fund an art exhibit that defiles beloved symbols of Christianity or other religions.
Barak Obama is a temporary custodian of the White House, that's all. He is not anyone's saviour, and he was never charged with remaking our country into a socialist/communist regime. In fact, it further states in our Constitution that:
"Before he enter on the Execution of his Office, he shall take the following Oath or Affirmation:
"I do solemnly swear (or affirm) that I will faithfully execute the Office of President of the United States, and will to the best of my Ability, preserve, protect and defend the Constitution of the United States." "
The spending bills coming out of the 111th Congress with their thinly disguised socialist policies, that Barak Obama has signed into law, are in direct opposition to the Constitution he swore to preserve and defend.

Still Thinking of AK 8:47PM March 13, 2009

I can see from the comments here that people are up-set about paying for the poor choices of others. Unfortunately, this is only the latest way government is going about this old game. It has been going on since the birth of the Nation in one form or another. If I'm not mistaken, the John Birch Society tells a story about how the government wanted to appropriate funds to pay a widow of a much loved & respected Navy or Army man whose house burned down in Georgetown. I think it was Davy Crockett who argued against this idea, since, despite the fact she was much loved and very deserving, the whole American people were not obligated to "bail" her out of her troubles. Fast forward to the present day, where just this sort of thing has been going on at full tilt for generations now. Rightly or wrongly, our country is well on the path toward Socialism. I see today in America, what I saw in Europe nearly 30 years ago. It isn't the truly free land it used to be, and is becoming less and less so by the day. More's the pity!

Allan of UT 6:26PM March 13, 2009