That is what Malkin is implying today. No time to research right now, but this goes hand-in-hand with what I wrote about earlier this week. Democrats and ACORN want judges to get involved with mortgage mitigation, where they have the power to lower interest rates and/or cut principle balances.
Biden demanded it in the debate, and it’s been included in the bailout bill. Of course, if you’ve been making your payments, this program is not for you.
On Oct. 3 in Paid too much for your house? O’Biden’s gotcha covered I noted Biden’s comments at the VP debate last week. Malkin writes today for the New York Post.
Part of her article…
House Republicans removed one pro-ACORN measure from the rescue bill – torpedoeing a provision devoting 20 percent of all profits from the bailout to a housing slush fund – which would’ve funneled money to ACORN and similar groups.
In its place, however, ACORN’s favorite lawmakers – led by Maxine Waters (D-Calif.) and Barney Frank (D-Mass.) – got ACORN-championed “foreclosure-mitigation” provisions into the rescue.
This will radically expand the federal role in meddling with mortgage loans. The key sections mandate that the Treasury “consent” to rewriting loans to prevent foreclosures – not only by reducing interest, but also by cutting loan principal.
Stuck with a $300,000 mortgage you can’t pay? Get the government to wave its magic wand and cut your debt to $150,000.
The deal is only for those who have fallen behind on their mortgages, of course – not for all you chumps who’ve been paying on time.
And it’s a good bet that ACORN mortgage counselors will “help” decide which distressed borrowers benefit, and how.
Got it now? Throw the bums out – every single one of them. All of them.