{"id":197951,"date":"2007-12-29T19:38:00","date_gmt":"2007-12-30T00:38:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/12\/29\/blue-bush-dogs-not-moderate-just-corrupt\/"},"modified":"2007-12-29T19:38:00","modified_gmt":"2007-12-30T00:38:00","slug":"blue-bush-dogs-not-moderate-just-corrupt","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2007\/12\/29\/blue-bush-dogs-not-moderate-just-corrupt\/","title":{"rendered":"Blue Bush Dogs: Not Moderate, Just Corrupt"},"content":{"rendered":"<p>Davit Sirota has a very good analysis of <a href=\"http:\/\/www.creators.com\/opinion\/david-sirota\/conservative-or-just-plain-corrupt.html\">the despicable betrayal of the American people<\/a> by the so called &#8220;moderate&#8221; <strike>Blue<\/strike> Bush Dog Democrats with regards to basic fairness and the economic stability of the United States.<\/p>\n<p>The bill in question, HR 3609,  is rather simple: It would allow a bankruptcy judge,  &#8220;To ameliorate the terms of abusive &#8220;subprime&#8221; mortgages.&#8221;  Under the current law, judges can already do this for investment properties, and for vacation homes, but for primary homes?  Das ist Verboten.<\/p>\n<p>So the judge could vitiate prepayment penalties to allow for refinance, or change interest rates, or modify fees charged for things like taking a phone call from a customer, though it would not give the judge power to forgive principal, since a mortgage is, after all, a secured loan.<\/p>\n<p>While I favor a more expansive bill, one that would cover all consumers, this could go a long way towards fixing the system.  As it currently stands, many loan servicers are legally unable to modify the terms of a loan, because their contracts with the bond holders prohibit it.<\/p>\n<p>Even when they can, there is little incentive for them to negotiate in good faith.<\/p>\n<p>What this means, of course, is more Chapter 7 liquidations, as opposed to Chapter 11 reorgs, more foreclosures, more empty houses blighting more neighborhoods, and more turmoil on wall street.  It is <a href=\"http:\/\/en.wikipedia.org\/wiki\/Tragedy_of_the_commons\">The Tragedy of the Commons<\/a> writ with trillions of dollars to be eventually be baid for by <span style=\"font-weight: bold;\">all of us<\/span>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Davit Sirota has a very good analysis of the despicable betrayal of the American people by the so called &#8220;moderate&#8221; Blue Bush Dog Democrats with regards to basic fairness and the economic stability of the United States. The bill in question, HR 3609, is rather simple: It would allow a bankruptcy judge, &#8220;To ameliorate the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[998,970,973,978],"tags":[],"class_list":["post-197951","post","type-post","status-publish","format-standard","hentry","category-congress","category-corruption","category-economy","category-politics"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197951"}],"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=197951"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/197951\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=197951"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=197951"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=197951"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}