When banks made ruinous financial bets, they will be bailed out. They will pay record bonuses with taxpayer money. When, you, the average American, makes a bat bet on your house: Hit the streets.
Democratic leaders failed to revive legislation that would let bankruptcy judges rewrite mortgages to lower homeowners' monthly payments. The measure was rejected by a 241-188 .
The Democrats have a majority in Congress, and thus clearly had the votes needed to help average Americans who want to keep their homes. Wall Street downs the Democrats, though. They also own President Barach Obama.
Democrats hoped that by inserting the provision in the regulatory legislation they would have had another opportunity to make it law. Aiding homeowners through bankruptcy had been a key feature of President Barack Obama's foreclosure fighting proposal, but the president did not push for it.
Gee, I wonder why Obama didn't support average-American-friendly legislation. Could the money Goldman Sachs gave him and all of his advisors have anything to do with it?
People who pay mortgages on underwater property are chumps. They talk about being "moral" or "doing the right thing." Who taught you that morality?
Also, note what the legislation required: A person actually had to file for bankruptcy. The law merely would have given judges the discretion to lower the principal balance of the mortgage. With commercial real estate, bankruptcy courts regularly write down the value of the mortgages.
A home is merely an investment. That, anyway, is what the banking industry had said for years. If a home is an investment, then why are judges not allowed to cram-down the mortgage?
Why won't President Barack Obama and Democrats help average Americans? Why do they hate you? More importantly: Why do you love those who would sacrifice you to Wall Street? When you are going to realize you've been worshiping the enemy?
