Foreclosure prevention? Let me get this straight, people sign on to a mortgage with a "predatory lender" (I still don't know what characteristic exactly defines a lender as "predatory") and live in a house they're never going to be able to afford. So here comes big government to the rescue! After this gets passed, Congress needs to work on legislation preventing people from losing substantial amounts of money betting on football games and gambling at casinos, and punish these predatory bookies.In a surprise announcement, Senate leaders Mitch McConnell (R-Ky.) and Harry Reid (D-Nev.), cast aside the procedural politics and agreed to bring a foreclosure prevention bill to the Senate floor. Both parties have agreed to move ahead and allow the bill to come to the floor, with each side offering amendments as long as they relate to housing.
The breakthrough is extraordinary if only because the Senate has been so accustomed to gridlock on major issues like Iraq and foreign intelligence. But clearly, senators from both side of the aisle realized that legislating is better than political rhetoric as the housing market continues in a meltdown.
Back to my thoughts on the so-called "predatory" lenders. People need to understand what the "adjustable" in adjustable rate mortgages means. My instinct tells me that the rate may fluctuate. Let's not be silly though; expecting the American populace to understand the meaning of what a fourth-grader would refer to as a ten-cent word might be a little too much.
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