The Mortgage Cramdown – A Very Bad Idea For Homeowners
Rep. Louie Gohmert speaks out against the mortgage cramdown, which would allow judges to rewrite home mortgages during bankruptcy. This proposal would force the 92 percent of responsible homeowners to subsidize the mistakes of irresponsible borrowers and lenders.
At the very least, mortgage lenders will have to add additional fees to all new mortgages to cover for the loses this legislation will cause.
[youtube]kpblwziasKs[/youtube]
Recent Related Posts:
New Mortgage Help for Homeowners
San Diego Real Estate & Mortgage Views
Home Foreclosures … New Government Plan?
Real Estate Bailout Bill — How They Voted
The vote Friday by which the House approved a $700 billion government bailout bill: Voting yes were 172 Democrats and 91 Republicans. Voting no were 63 Democrats and 108 Republicans.
The following statement was presented on the floor of The House of Representatives after Congressman Kucinich voted against the Wall Street bail out plan, H.R. 1424, the Emergency Economic Stabilization Act of 2008: The public is being led to believe that Congress has reconsidered its position because we have before us a better bill than we had a few days ago. I
t is the same bill plus hundreds of new pages for hundreds of millions of tax breaks. What does this have to do with the troubles of Wall Street? Driven by fear we are moving quickly to pass a bill, which may produce a temporary uptick for the market, but nothing for millions of homeowners whose misfortunes are at the center of our economic woes. People do not have money to pay their mortgages. After this passes, they will still not have money to pay their mortgages. People will still lose their homes while Wall Street is bailed out. San Diego Realtors


