Congress Working On Bill To Let You SUE Your Creditors For Getting You In Unrealistic Mortgages
Looks like Congress is working on passing a bill that would allow you to SUE the predatory S.O.B.'s that got you into mortgages you couldn't possibly ever pay off.
The legislation, introduced by Representative Barney Frank, Democrat of Massachusetts and chairman of the House Financial Services Committee, would require mortgage lenders to - [[gasp]] - verify that the borrower has a “reasonable ability to repay” based on documented income, credit history and debt level.
What I want to know is how in the HELL it ever got to the point that people could get mortgages without passing those criteria?
Another feature of the proposed bill would allow borrowers who patently never had the ability to repay their loans to sue their original lender and/or the mortgage "repackagers" for a better deal.
Actually, I'd love to see a bill that goes beyond that.
Basically if the Congress had the slightest bit of testicular fortitude they would do what might have the SLIGHTEST prayer of keeping a great many people from being thrown out on the street.
Yes, each and every currently outstanding residential mortgage should be refinanced DIRECTLY by the government for the next 40 years at 6.5%.
Then everyone involved in the mortgage business since 9/11/2001 should be hunted down and executed I swear to GOD ...
Labels: Sub-Prime Mortgage Crisis