T Nation

Biden and Mortgages

Did anyone else notice how Biden wanted to give the bakruptcy courts the right to not only adjust interest rates, but also the principle of the loan?

Here’s a sarcastic question… Do I have to be financially irresponsible for this reduction in principle, or am I just out of luck since I didn’t borrow beyond my means and pay on time every month?

How do you think this legislation would affect the real estate market?

That pissed me off more than anything said last night.

I was swearing at the tv when he said that. One of the legitimate functions of gov’t is to protect contracts, not shred them.

[quote]dhickey wrote:
I was swearing at the tv when he said that. One of the legitimate functions of gov’t is to protect contracts, not shred them.[/quote]

You forgot that he’s a liberal. Liberals don’t think people have to be responsible for anything, it’s up to big government.

It’s not John Doe’s fault he borrowed $450,000 on a 3/1 ARM while making $40,000 a year. Mr. Doe just ignored the fact that his interest rate would go up a point a month until it topped at 13.9%.

"Did anyone else notice how Biden wanted to give the bakruptcy courts the right to not only adjust interest rates, but also the principle of the loan? "

Snipe, what’s your interpretation on how the principle would be adjusted because I almost blew a gasket too.

Do you think it means that they would eliminate some of the cost or just increase the amount of time to pay it off ?

I fuckin bust my balls to pay off my mortgage and Joe Shmoe who over extends himself gets a break and ends up paying less on the house. What happens when the house starts to appreciate. Does Joe Shmoe get to keep all the profit ?

WTF ?!

I have a question. Didn’t the last stimulus package cost close to 150 billon ? If so, why not cut out every ounce of pork from this bill and send out another stimulus check ?

As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.

I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.

[quote]snipeout wrote:
As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.

I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.[/quote]

He’s a fucking moron. I guess no one has told him about short sales. They seem to be pretty poplular these days but the dipshits that can’t afford the house actually have to move out.

[quote]dhickey wrote:
snipeout wrote:
As far as what he meant I can’t be sure. If they are going to permanently lower interest rates, I can only assume they are going to permanently cut the principle.

I’m not sure how bankruptcy works as there are different chapters. I do know people who have filed and no longer owed anyone anything with the exception of the mortgage company.

He’s a fucking moron. I guess no one has told him about short sales. They seem to be pretty poplular these days but the dipshits that can’t afford the house actually have to move out.[/quote]

Can you imagine though the cutting of principle, there would be no need for a short sale.

Go to court get your principle reduced from say 200,000 to 150,000 then you turn around and sell for a profit. They would surely have to put some clause in there to prevent this.

Some days I don’t know why I bother to work and pay my bills. Just 15 months ago I paid 283,000 for my house, today I’d be damned if the fucking thing is worth 225,000.

Can someone get a clip of him saying this?

Because I was under the assumption that Biden isn’t a moron =/.

Ask and you shall receive. Look at around 1:10 of said clip.
http://www.youtube.com/watch?v=wPCbyOZn3oA&feature=related

[quote]Beowolf wrote:
Can someone get a clip of him saying this?

Because I was under the assumption that Biden isn’t a moron =/.[/quote]

Why would you think that?