Obama on bankruptcy judge power to rewrite mortgages - this bothers me, what do you think?

Skip Intro

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Wed Sep-24-08 07:38 PM
Original message

Obama on bankruptcy judge power to rewrite mortgages - this bothers me, what do you think?

Edited on Wed Sep-24-08 07:43 PM by Skip Intro

I didn't want to post this in GDP because I didn't want some bs flamewar, but did want to hear some thoughts on this:

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Additionally, they want to allow bankruptcy judges to rewrite mortgages to ease the burden on consumers who are facing foreclosure.

Speaking to reporters Wednesday, Obama said the provision was a priority, but one that he'd be willing to sacrifice in the interest of a bipartisan deal.

He said he told Pelosi and Sen. Harry Reid, D-Nev., the majority leader, that the measure "is probably something that we shouldn't try to do in this piece of legislation."

http://news.yahoo.com/s/ap/20080924/ap_on_bi_ge/financial_meltdown;_ylt=AhtKN1mBpGsHHYlYyjLWDnGs0NUE
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What is wrong with helping those who have reached the point of bankruptcy to keep their homes if they're able, in a bill that bails out mega-rich corporations. Why would Obama give this provision such lukewarm support?

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BOSSHOG

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Wed Sep-24-08 07:43 PM
Response to Original message

1. I'm with ya

I'm a dumbass with a fixed rate (4.8%) mortgage and a very low monthly payment, and yet the mortgage company constantly advises me to refinance or get a HELOC.

My dumbass solution: freeze foreclosures and push for refinancing. That might suck but compared to what bush is backing its a pretty fucking good dumbass idea.

Thanks for posting.

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NutmegYankee

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Wed Sep-24-08 07:44 PM
Response to Original message

2. It is probably a poison pill for the GOP. n/t

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Purveyor

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Wed Sep-24-08 07:47 PM
Response to Original message

3. I'm going to hold Obama to his word that bankruptcy reform is needed but

not in the bailout package.

The whole bankruptcy laws need to be overhauled not just one aspect dealing with foreclosures.

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bullimiami

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Wed Sep-24-08 07:53 PM
Response to Original message

4. he is wrong. this IS the time. they will just kill the other bill if

its not attached to something they want.

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Native

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Wed Sep-24-08 07:58 PM
Response to Original message

5. I liked what Clinton laid out on Stewart last night - it made sense.

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