Posted by
rycK on Monday, September 29, 2008 8:15:58 AM
Potential
Loopholes In The Phony Bailout: ACORN May Be Out, But May Still Burden our
Society with “Reasonable Loan Modification Requests.”
This bailout
‘bill,’ a slimy attack on the taxpayer by both losers on Wall Street and the
Parasitic Marxist Left who want to redistribute your wealth by giving mortgages
to criminals, druggies, felons, illegal aliens and such is in some formulative state
as of this morning. This is part of the 102 page version.
There is danger here and there is also danger that if some ‘deal’ is reached
the language will change as or during submission to the White House for rubber
stamping.
[1] The
ACORN PLUNDER SECTION:
SEC. 109.
FORECLOSURE MITIGATION EFFORTS.
(a) RESIDENTIAL MORTGAGE LOAN SERVICING
STANDARDS.—To the extent that the Secretary
acquires
mortgages, mortgage backed securities, and other
assets
secured by residential real estate, including
multifamily
housing, the Secretary shall implement a plan that
seeks
to maximize assistance for homeowners and use the
authority
of the Secretary to encourage the servicers of the
underlying mortgages, considering net present value
to the
taxpayer, to take advantage of the HOPE for Homeowners
Program
under section 257 of the National Housing
Act
or other available programs to minimize foreclosures.
In
addition, the Secretary may use loan guarantees
and
credit enhancements to facilitate loan modifications
to prevent avoidable foreclosures.
This must be vacated. The ‘or’ is
a disgusting loophole for the ACORN activists.
[2] (c) CONSENT TO REASONABLE LOAN MODIFICATION
REQUESTS.—Upon any request arising under existing
investment
contracts, the Secretary shall consent, where
appropriate,
and considering net present value to the taxpayer,
to reasonable requests for loss mitigation measures,
including term extensions, rate reductions, principal write
downs,
increases in the proportion of loans within a trust
or
other structure allowed to be modified, or removal of
other
limitation on modifications.
This is very unclear.
The
rubber language in this social pronouncement allows special interest groups to
have their mortgages essentially excused and offered as a gift. Part of rubber is the NPV, which is probably impossible to
determine in many cases. Of course everybody with a mortgage will ‘request’ a
modification.
The courts are cut out of this for
the most part, which is good:
SEC. 119.
JUDICIAL REVIEW AND RELATED
MATTERS.
(a) JUDICIAL REVIEW.—
(1) STANDARD.—Actions
by the Secretary pursuant
to the authority of
this Act shall be subject to
chapter 7 of title 5,
United States Code, including
that such final actions
shall be held unlawful and set
aside if found to be
arbitrary, capricious, an abuse
of discretion, or not
in accordance with law.
(2) LIMITATIONS ON
EQUITABLE RELIEF.—
(A) INJUNCTION.—No injunction or
other
form of equitable relief shall be issued
against
the Secretary for actions pursuant to section
101, 102, 106, and 109,
other than to remedy
a violation of the
Constitution.
(B) TEMPORARY
RESTRAINING ORDER.—
Any request for a
temporary restraining order
against the Secretary
for actions pursuant to
this Act shall be
considered and granted or denied by the court within 3 days of the date of the
request.
This wreckage
must survive the idiots in the Senate and will, doubtless, acquire some more
leprosy and sores before it goes back to the House in a joint committee.
These
parasites in Washington can wipe out just about
everything we have earned and many vultures in Europe and South American and on the far
left are hoping for such an opportunity to denounce capitalism and replace it
with race-based socialism.
rycK
Comments:
ryckki@gmail.com