While not exactly true, the title does give a great indication of one provision in the forthcoming Generational Theft Act of 2009. What do I mean? Right from the text, found here:
SEC. 7001. MANDATORY LOAN MODIFICATIONS.
Section 109(a) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5219) is amended—
(1) by striking the last sentence;
(2) by striking ‘‘To the extent’’ and inserting
‘‘(1) IN GENERAL.—To the extent’’; and
(3) by adding at the end the following:
‘‘(2) LOAN MODIFICATIONS REQUIRED.—
‘‘(A) IN GENERAL.—In addition to actions required under paragraph (1), the Secretary shall, not later than 15 days after the date of enactment of this paragraph, develop and implement a plan to facilitate loan modifications to prevent avoidable mortgage loan foreclosures.
‘‘(B) FUNDING.—Of amounts made available under section 115 and not otherwise obligated, not less than $50,000,000,000, shall be made available to the Secretary for purposes of carrying out the mortgage loan modification plan required to be developed and implemented under this paragraph.
‘‘(C) CRITERIA.—The loan modification plan required by this paragraph may incorporate the use of—
‘‘(i) loan guarantees and credit enhancements;
‘‘(ii) the reduction of loan principal amounts and interest rates;
‘‘(iii) extension of mortgage loan
‘‘(iv) any other similar mechanisms or combinations thereof, as determined appropriate by the Secretary.
So, what is being said is, if you are in deep kimshee with your mortgage, never fear. There will be $50 billion (in addition to the $20 billion asked for by the House) available for banks to renegotiate your loan to a better price.
“Your home has lost half of its value? No problem, Mr. Smith, we here at Gov Loans, Inc. can just appraise your new home value and get you a loan based on that. No worries!”
“What is that? You never miss a payment? You have always been on time with all of your bills? I am sorry, Mr. Jones. It seems that there are no programs to help you out. You just will have to live with the fact that you owe more than your home is currently worth.”
“What is that, Mr. Illegal? Why of course! Senate Majority Leader Harry Reid has blocked any chance at having to prove you are a legal citizen. You are fully eligible for money too!”
From the Declaration of Independence:
"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness. — That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, — That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness."
Not that I am proposing an outright revolution, but the Civil Rights Movement of the 1960’s may have a new purpose: A Modern Day Boston Tea Party; No Taxation Without Representation.
If we call and scream and badger our representatives and they vote against us anyway, it is our duty to remove them from office, by any means required.
The revolution is at hand. Will you be a leader or a follower?
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