I agree that a change in bankrupcty laws to allow for loan modifications by bankruptcy courts is a good idea.

I was convinced by the following quote from an op-ed piece in the LA Times by Jack Kemp on January 18, 2008:

....."What is missing is a rational and urgent push to help the estimated 2.2 million families in danger of losing their homes to foreclosure in the near future. Congress is considering a small fix that would have more impact on these families than any other option under consideration: temporarily allowing bankruptcy courts to give the same relief to homeowners on principal-residence mortgages that businesspeople get on real estate investment loans, that farmers get on farm loans and that individuals receive on loans for vacation homes, cars, trucks and boats.

Bankruptcy law is wildly off-kilter in how it treats homeownership. Under current law, courts can lower unreasonably high interest rates on secured loans, reschedule secured loan payments to make them more affordable and adjust the secured portion of loans down to the fair market value of the underlying property -- all secured loans, that is, except those secured by the debtor's home. This gaping loophole threatens the most vulnerable with the loss of their most valuable assets -- their homes -- and leaves untouched their largest liabilities -- their mortgages."......

Posted at April 16, 2008 12:18 PM in response to Penny Wise, Pound Foolish on Foreclosure Politics?

It seems like the alot of people are in the Obama scandal business.

Every week I receive a free paper called the "Brooklyn View" published by Zygot Publishing Corp.

Every week there is a column written by "The Fly on the Wall". This "fly" claims to know all the inside information on the political scene.

Here is last weeks prediction:

"Obama backers listen up: looks like the Big O survived the first wave, Rev. Wright. Barack has shot past Billary by 10 points in the national polls...But fasten your seat belts. The Fly has learned and you will soon hear about O's friendship with a convicted Weather Underground member who makes Wright look like a "Founding Father Patriot."

If that wasn't enough, you will soon hear the financial dealings O had with Resko...It won't be pleasant.

I have detected a particular partisan bias in this paper. There seems to be alot of feel good stories about nyc's republican representatives.

Someday I hope to find out who the "fly" really is. There was a letter to the editor printed recently asking for the "Fly" to reveal him/herself. The "fly" refused.

Posted at April 10, 2008 11:53 PM in response to LA Times Steals Obama Hit Piece From Crazy Rightwing Blogger

Just a quick question for the fly:

Are you the same "fly" that writes a weekly piece for the "Brooklyn View"?

Posted at March 14, 2008 2:42 PM in response to Crazy Like an Uncle