SENATE BILL: Homeowners Protection Act (Law'd)

[Southern Senator North Carolina Yankee]

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Sponsor: Scott

[Southern Senator North Carolina Yankee]

This is also an administration idea, I want Polnut to respond to this one too.

[Southern Senator North Carolina Yankee]

We gonna have one hell of fun month here aren't we?


Only an affirmative answer will be acceptable here!

[Southern Senator North Carolina Yankee]

I think it is a very basic requirement. If the banks were so near sighted and tunnell visioned that they allowed this paper work issue to happen, they must begin to fix and track down this stuff. They are the ones that started it and we have people who have paid off their mortgages in full get forclosed on and evicted in this mess. It is patently absurd and going forward, I think the requirement should be in place fore sure to prevent this from happening in the future.

Now as for the current situation, this may be abrupt and perhaps and more steady transistion is in order. Regardless of that, it is where we need to go. Had the amount of media penetration that this issue has received in the last year and a half been as forcefull in 2009, it would have been included in my Financial Regulatory Reform Act. I tried to deal with as many of the concerns as possible that I had read about at the time.

[Southern Senator North Carolina Yankee]

It will also add that much more concern for what they doing rather than the focus being entirely on the next quarterly profits and pushing as much through, as fast as possible.

[Southern Senator North Carolina Yankee]

Just to be clear, does the honerable Senator from the Pacific still want to pursue the amendment?




The problem is that we can't end or significantly disrupt the process of foreclosures for an extended period of time. Otherwise the banks will start jacking up interest rates and will stop lending to all but those with the best credit and substantial incomes.

We all feal for what is happening to those who experienced this, my family experienced this a while back. The paperwork issue should be resolved and no one should loose their home while that isn't the case. But beyond that their needs to be consequences for delinquency. These people like the OWS, SEIU that call for people to remain living in homes they been evicted from and for a complete end of foreclosures are advocating for populist surreality that will do far more harm to the larger segment of society, especially the poor, in the long run. Moral hazard doesn't just apply to financial institutions, but to consumers as well.

[Southern Senator North Carolina Yankee]

So are we in line for a final vote when the 72 hours expires tomorrow?

[Southern Senator North Carolina Yankee]

A final vote is now open on this bill, Senators please vote Aye, Nay, or Abstain.

[Southern Senator North Carolina Yankee]

Wait, so, the amendment striking the clause having to do with the bank having to prove it owns the property didn't go through?

I vote Abstain, then.  I'm all in favor of regulating these things more, but I'm not sure completely destroying the liquidity market (is that a thing?  I don't know if I just said a thing that was a thing.) is the solution to the problem.

The Senator retracted the amendment. Such can be seen in Sbane's first post on page two of this thread.

I don't beleive there is a "liquidity market", but there is such a think as liquidity of banks and this could very well be detrimental to that.

[Southern Senator North Carolina Yankee]

Aye

[Southern Senator North Carolina Yankee]

I could have declared it passed with 5, but with special elections wrapping up I decided to wait, and thus further its legitimacy.


Aye (: Alfred F. Jones, Clarence, Nathan, NC Yankee, Pingvin99, Sbane, Scott, and TJ in Cleve
Nay (0):
Abstain (1): ILV

Didn't Vote (1): MoPolitico

With eight votes in the affirmative and zero in the negative, the Homeowner's Protection Act has passed and is presented to the President for executive action.