That’s Right Nate

Thoughts from a right thinker.

Durbin’s Creeping Communism Fails

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To the senators of the rest of this great country from us Illinois thank you for saving the country from the idiocy of one of our own.  Today the senate rejected a Demcorati measure sponsored by Dick Durbin to allow judges “in certain cases” to restructure mortgage payments in bankruptcy court.  Durin would allow people in bankruptcy unable to afford the mortgage on their primary residence to set up house on easy street.  judges would be restricted on how much they could lower the mortgage rate and how long they could extend the life of the loan–great now we would have the courts interpreting our contracts just like in the old Stalinest Russia days. 

There are already other places where poor people can renegotiate rates and there is no reason to let them off the hook on their primary residences.  Judges already may revise the terms of loans for vacation homes, farms, ranches or boats in bankruptcy cases and that should be enough for these people.  Creditors have rights too.

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Written by thatsrightnate

April 3, 2008 at 11:00 am

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