Mistakes are made and learning must happen but, if we as a country will bailout irresponsible companies, then I see no reason not to bailout homeowners who have been duped by companies.
Gov’t is supposed to be for the people, by the people…not for corporations by corporations…
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I do not support this bailout..for the reasons this article has sited: Judicial Modification of Loans Would Save 600,000 Homes: Purchase of Securities Will Save Nonevia The Center for Responsible Lending: A resource for predatory lending opponents
The subprime crisis is severe and will get worse.Current law excludes homeowners from relief available to yacht owners and subprime lenders.Judicial modification would be effective and cost the Treasury nothing.
* No cost the U.S. Treasury.
* Narrowly targets families who would otherwise lose their homes, and excludes families who do not need assistance. Helps maintain property values for families who live near homes at risk of foreclosure. Saves American families not facing foreclosure $89 billion in wealth by avoiding 600,000 foreclosures by their neighbors.
* Complements programs that rely on voluntary loan modifications or servicer agreement to refinance for less than the full outstanding loan balance. Voluntary modifications and refinances are the goal. Judicial loan modification would induce more voluntary modifications outside bankruptcy because everyone would know the alternative, just as occurred under Chapter 12, which was passed to modify loans on family farms in the late 1980’s.
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