Bill Would Temporarily Halt Foreclosures
Shades of the Great Depression: Assemblyman Jim Brennan is introducing a bill that would impose a one-year delay in court-ordered foreclosures, according to an article in the Brooklyn Eagle. During the Depression, New York also had a foreclosure moratorium law. Brennan is introducing a separate bill that would allow the State of New York Mortgage…
Shades of the Great Depression: Assemblyman Jim Brennan is introducing a bill that would impose a one-year delay in court-ordered foreclosures, according to an article in the Brooklyn Eagle. During the Depression, New York also had a foreclosure moratorium law. Brennan is introducing a separate bill that would allow the State of New York Mortgage Agency to issue $3 billion in bonds to buy out subprime mortgages. The dramatically rising number of foreclosures has led to declining property values and threatens New York State’s economy. New York City alone faces 15,000 foreclosures with national rates in November 2007 up 68 percent from the same month last year, said Brennan.
Brennan Bill Would Impose Moratorium on Foreclosures [Brooklyn Eagle]
Photo by mortgage_foreclosure_solutions.
i’m as liberal as the day is long but halting foreclosures is not the way for the government to get involved here.
Ruthless side of capitalism? The borrower’s who cashed out on the equity their property’s generated was wonderful as they spent that money, capitalism at it’s best and most appreciated. Then reality to pay back on that money they happily were spending sets in. Then capitalism is no good and socialism (liberal) is the preferred agenda. Individuals must take responsibility for their actions.
Low interest rates put moore people into houses, true. But more people buying houses didn’t cause this. Predatory lending that went unchecked by the DOJ was partly to blame. As was the so-called free market turning mortgages into derivatives.
Since this thread has already got political . . .
When it comes to social policy on choice, contraception and the adoption of fundamentalist christianity as the state religion, Ron Paul’s certainly calling for more government.
Ron Paul Rocks!
There Will Be Blood.
Since the “slicing and dicing” involved in transforming mortgages into securities has destroyed the “normal” incentive of lenders to avoid forclosure whenever possible, this bill seems entirely justified to me.
As to 9:58’s claim that “this is typical liberal policy seeking to further a socialist agenda”–on the contrary. It is ironic that during the cold war the west successfully presented a relatively humane alternative to Communist totalitarian. Now so-called conservatives seem hell bent on proving Marx right by advocating the most ruthless side of capitalism. I wonder who is actually acting to further a socialist agenda.? “Conservatives” like 10:58 would do well to learn a lession from Disraeli.
This is typical liberal policy seeking to further a socialist agenda. The less government the better, allow the free market to dictate the economic future.
No government intervention. Let the market correct itself.
“The root of this crisis, as with past financial and economic crises, results from federal government intervention into the economy, not to anything endemic to the market, nor to the actions of market participants.
“The collapse of the housing market has served as a catalyst for the economy’s latest bust. Various federal mortgage programs through the FHA, Fannie Mae, and Freddie Mac have distorted the normal workings of the housing market.
“The Federal Reserve’s loose monetary policy and lowering of interest rates were a major spur to the housing boom. Low interest rates influence marginal buyers, those who are sitting on the fence, and encourage them to take on a mortgage that they otherwise would not.”
“It is time for the federal government to get out of the housing business.â€
-Dr. Ron Paul