President Obama: For The People

[Hoovie]

Originally Posted by Jermyn Davidson

Ok.

You did not misunderstand me on the bolded.


If I wanted to, I could put an American face (or Indian) on the scumbucket bill collector that calls to squeeze blood out of turnip from an account that he bought for pennies on the dollar.


My point is to criticize the banks and associated lending institutions.

I understand each of us views things like this through our personal experience. I am sure that is why our feelings may be different on these things. I feel they should be pursuing me on any debt that I made and did not or could not pay. It is their duty and obligation to do so.

Fortunately for the common people in the USA, one can generally not be tortured or imprisoned for not paying their debt, in much of the world that is not the case.

In America we are also afforded bankruptcy protection. In terms of compassion for debtors the US is very compassionate.

[Jermyn Davidson]

Originally Posted by Hoovie

I understand each of us views things like this through our personal experience. I am sure that is why our feelings may be different on these things. I feel they should be pursuing me on any debt that I made and did not or could not pay. It is their duty and obligation to do so.

Fortunately for the common people in the USA, one can generally not be tortured or imprisoned for not paying their debt, in much of the world that is not the case.

In America we are also afforded bankruptcy protection. In terms of compassion for debtors the US is very compassionate.

Well I attribute President Obama's decision to not sign that bill to his compassion for the homeowner who is in trouble.

[Truthseeker]

Originally Posted by Jermyn Davidson

President Obama refuses to sign into law a bill that would make it more difficult for homeonwners to challenge unjustified foreclosure actions.

http://news.yahoo.com/s/nm/20101007/...ing_whitehouse


I would hope that if McCain had been elected, he would respond this way too.

Government is (should be) for the people, by the people.

His refusal to sign this legislation is an example where the President is showing he has the best interests of the people in mind.

Now imagine if business acted with their "customers" best interests in mind.

What's an unjustifiable forclosure?

[Jermyn Davidson]

Originally Posted by Truthseeker

What's an unjustifiable forclosure?

From the article, there is a nationwide investigation of banks and mortgage lenders "rushing" the foreclosure process on many Americans, at the risk of breaking individual state laws and regulations.

The computerized notarizations is an example of banks and mortgage lenders appearing to be foreclosure happy at the expense of their own customers.

[Truthseeker]

Originally Posted by Jermyn Davidson

From the article, there is a nationwide investigation of banks and mortgage lenders "rushing" the foreclosure process on many Americans, at the risk of breaking individual state laws and regulations.

The computerized notarizations is an example of banks and mortgage lenders appearing to be foreclosure happy at the expense of their own customers.

Don't know all the details, but if payments are not made they a right to foreclose. Not exactly what banks would get out of rushing forclosures.

[Sam]

Originally Posted by Jermyn Davidson

From the article, there is a nationwide investigation of banks and mortgage lenders "rushing" the foreclosure process on many Americans, at the risk of breaking individual state laws and regulations.

The computerized notarizations is an example of banks and mortgage lenders appearing to be foreclosure happy at the expense of their own customers.

None of us like deadbeats nor do we like to carry deadbeats,
but

--some years ago there was government pressure to provide loans to minorities whether they could pay them or not,
--builders, realtors, loan agencies all went into overdrive,
--home prices skyrocketed artificially so loan amounts skyrocketed accordingly,
--people thought they were getting great deals and were told that they had "qualified" for loans and were assured that they would be able to meet their financial commitments
--lots of people got in way over their head.

Then income was decreased or the buying power of income was decreased and lots of people just could not keep up

How do we solve this?
I don't know.