I’m certain other posters will be quick to point out the more unimpressive points the Senator makes. Here’s a few quick ones:
1. “No speculators homes will be refinanced”. Many people who bought principle residences speculated on the housing market. They presumed prices would continue to go up. They speculated wrong. They will be able to refinance under this bill.
2. “The goal of this bill is to help keep families in their homes and stop the further deterioration of the communities we hold so dear.” Right there, she attempts to appeal to your emotions rather than commons sense. Families? How about single folks? Do they get assistance from the bill? The deterioration of the communities we hold so dear is another way of saying prices coming back to reality for the more responsible people who can now or in the near future afford to live there. How can that be considered “deterioration”? Those vacant lots will eventually purchased by folks who can afford them. No deterioration other than affordability. If those same families rent homes in those same communities I fail to see how that deteriorates the community.
3. “Q: Will this law reward families who bought homes they could not afford?
A: Many homeowners facing foreclosure were misled, were deceived, or were in other ways the victims of unfair lending practices.”
I notice she didn’t answer the question. That’s because she would have had to answer “yes”. If this bill has a way of identifying only the victims of predatory lending or fraud – fine. Some homeowners were misled. However, most were not. They wanted a home, saw a way to get one, understood that everyone around them was making unseen before increases in equity and wanted in on the action. This law rewards every single family that was not misled or otherwise victims of predatory lending.
