One of my biggest complaints against Hillary was that she voted to tighten restrictions on bankrupcy filings.
I was pretty angry about this because it seemed to me that she was voting in favor of the predatory lenders who defraud customers and then take away everything they own.
Also, I thought of the uninsured who, faced with skyrocketing medical bills, have to sell their houses to pay for it.
In light of the mortgage-backed securities crisis, you can imagine the lenders very worried that the customers with bad-credit, no credit, and yes-criminal backgrounds would default on their mortgages intentionally and then get to keep their houses under the former bankrupcy laws and prevent the lenders from being able to foreclose on the houses to get their collateral.
The lenders won, but they lost anyway with their irresponsible and predatory practices. The borrower loses. Again.
1 comment:
The levy will break were it is most likely to break and that is with the lenders. One way or another they are going to get stuck with the bad investments they made. The reason is simple, you can't get blood from a stone.
You can pass laws to prohibit people from filing bankrupcy, you can threaten them with poor credit ratings, garnish their wages but it just won't matter, at the end of the day the lenders simply will not get back the money they loaned because our entire economy is built on I.O.U's.
A complete economic collapse would be the best thing that ever happened to this country. Maybe then we can stop being consumers and start living our lives taking and giving only what is needed.
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