Friday, March 6, 2009

The Johnny Rotten Home Mortgage Loan Bill

"Ever get the feeling you've been cheated?" Johnny Rotten famously quipped at the end of the Sex Pistols final concert. (They would later reform and go on the road again).

Well, if you bought a house you could afford and are making the payments, then you must feel cheated too.

The House passed legislation which would give bankruptcy judges the discretion to reduce not only interest rates, but also the principle on home mortgages.

Now, we were promised by Barack Obama that this legislation would help only those who acted responsibly and played according to the rules.

But if that's the case, then why was the GOP provision to bar borrowers who lied on their loan applications and banks that violated lending rules from receiving government assistance not included?

Oh well, I was always a Clash fan anyway.

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