U.S. Congress - H.R.3609 Emergency Home Ownership and Mortgage Equity Protection Act of 2007
H.R.3609 - Emergency Home Ownership and Mortgage Equity Protection Act of 2007
To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. view all titles (2)
All Bill Titles
- Official: To amend title 11 of the United States Code with respect to modification of certain mortgages on principal residences, and for other purposes. as introduced.
- Short: Emergency Home Ownership and Mortgage Equity Protection Act of 2007 as introduced.
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Displaying 31-35 of 35 total comments.
I like the idea recently floated where all foreclosed-but-unsold homes would all goon the market simultaneously – so that the entire coutry could set a new market rate for home prices – like announcing that at 2:30 am on a Sunday, all the clocks will be turned ahead. Well, on July 1st, all foreclsoed houses will be sold to the then-highest bidder
The highest bidders would most likely be foreign investors buying up the failed lender negotiated with the borrower properties.
The banks will lose 33% of their principal investments and the foreign investor will get the property.
I believe the goal is to setup a dummy investment company and use the funds from the failing banks to buy the properties, then for the failed lenders to go into title 11 and close down the one lending industry and then saddle the taxpayers with the 33% loss.
If this legislation is passed, we would not have properties being sold to foreign investors, which most likely the same companies which started this shell game which will saddle our government with a 33% obligation. Boy these people are dishonest and scheming and politicians are following along.
Correction, the investors that setup the dummy foreign investment companies will probably file chapter 11 and soak the American taxpayers and their funded Politician and cohorts.
Of all the legislation out there that tries to deal with the problem with primary residences and preventing the properties from going into foreclosure, this is the most direct and simple approach for dealing with the oversight in our chapter 13 laws. Striking 1322(b)(2) with regards to undue protection of loans made on principal residences is highly appropriate.
Hopefully this legislation will experience forward momentum soon. It already cost our economy and homeowner quite considerably because of the delay of stalling this legislation for so long.
Sick of hearing the word “victim?” buying a house is speculation? These people aren’t speculators, they are homebuyers – everyday people like me and (supposedly) you.
Myabe picking a doctor would be speculation in your eyes too? Maybe then if a doctor leaves a sponge in your chest cavity then you wouldn’t be a victim? By your logic, we were speculating on our health, right?
Get off your right-wing white-collar butt and work three jobs trying to support someone other than yourself of your waistline.
These people were burned – and theycertainly are victims. Try being one, and you’ll maybe begin to understand.