{"id":194105,"date":"2008-10-24T05:22:00","date_gmt":"2008-10-24T10:22:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/10\/24\/when-ideology-makes-you-stupid\/"},"modified":"2008-10-24T05:22:00","modified_gmt":"2008-10-24T10:22:00","slug":"when-ideology-makes-you-stupid","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/10\/24\/when-ideology-makes-you-stupid\/","title":{"rendered":"When Ideology Makes You Stupid"},"content":{"rendered":"<p>The FDIC is <a href=\"http:\/\/www.cnbc.com\/\/id\/27338739\">trying to create a program to guarantee home mortgages to encourage modifications to contracts<\/a>. This is stupid, particularly because in many of the cases, you <strong>can&#8217;t find anyone to modify the contract<\/strong>, because the instrument is held in a portfolio of bonds with hundreds, if not thousands, of stake-holders, <strong>all of whom have a legal right to veto any change<\/strong>,<\/p>\n<p>The solution is simple, and does not cost the taxpayer anything: Modify bankruptcy to allow judges to modify mortgages. When you can&#8217;t find the owner of the loan, an judge handles it, and when you can, it to force lenders to the table.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The FDIC is trying to create a program to guarantee home mortgages to encourage modifications to contracts. This is stupid, particularly because in many of the cases, you can&#8217;t find anyone to modify the contract, because the instrument is held in a portfolio of bonds with hundreds, if not thousands, of stake-holders, all of whom &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1004,1003,985,982],"tags":[],"class_list":["post-194105","post","type-post","status-publish","format-standard","hentry","category-finance","category-philosophy","category-regulation","category-stupid"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194105"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=194105"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/194105\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=194105"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=194105"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=194105"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}