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New Mortgage Bankruptcy Bill Does Not Address Real Problem

Well, first, there is no such thing as a "free market" That is a pollyana dream of greed mongers, i.e. mortgage brokers and finance institutions, or a cynical refrain from profiteers in the hopes of minimizing regulatory legislation. In the absence of market regulation, the rich players themselves form oligarchical cartels that function to reduce market forces more tightly than a regulatory economy could.

What we now have is a Corporate Welfare State, pretending to be a market economy, where corrupt and incompetent corporations and their officers change their spots overnight so that they can stick their tongues out the following day for taxpayer holy communion from a Congress priesthood in their pockets.

Second, there is no such word as "anyways". These two factors lead me to question not only the tired old ideology of the writer and his abject followers (no doubt confining their communications to twits), but his educational attainment (lack of education and untenable ideologies seem to go hand in hand).

Third, mortgages are not priced according to risk, and do not function adequately on a macro level. The extant computer models are priced based on individual-based algorithms, and include "all the market will bear profits", plus outright greed (fostered by illegal and unethical tactics of financing sources) and racial and geographical discrimination.

Fourth, who cares if down payments are higher (that is a prudent factor which the lack of has cost us dearly), and interest is 1.5% higher (even at that level it is lower than anytime in our history since 1945!)

Fifth, our housing debacle is the result of a private market, that in the absence of competent regulation, went terribly awry. Good riddance.

Sixth, pouring money down the throat sewers of financial institutions is not the answer. They are already laughing all the way to their vaults, and still hanging onto their welfare gains by not loaning.

Seventh, come back to housing in 120 days, when the credit debacle hits. Regardless of a stricter bankruptcy law, you still can't squeeze blood out of turnips. Wait until it gets through to beleagered and buggered taxpayers that they can literally walk away from their phoney no-recourse mortgages, and since they won't ever be able to buy a house again, screw their 34% credit cards too*! Most will not have the money to go into bankruptcy, and lending institutions for a time will spin their wheels trying to collect, but the default will be so massive, more banks will dissolve in front of your face.

And like the recent overwhelming corporate welfare, any giveaway laws to consumers Congress will enact will only keep their jobs intact and have minimal impact on our false economy.

Just like the American People were lied to for a full year (We are NOT in a recession) they are now being lied to again - we are truly in a depression, except for the crooks.

*try a disabled person with a limited income that Bank of America allowed to mass a $50,000 balance, whose mortgage is 225,000 more than the value of her house.