Cram Down?/! - whiskey tango
foxtrox -over?
So what is Cram Down?
It's real name is H.R. 1106: Helping Families
Save Their Homes Act of 2009.
This bill as passed by the House of Representatives allows a Judge to modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this Act and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice.
In other words, a judge can
change the terms of the contract.
Aside from the 'Moral
Hazard' implied by the idea that some in
the 'entitlement class' are due a home for free, and ensuring that home prices
will be higher, much higher for everyone else; Cram Down screams:
The 'Rule
of Law' is NO MORE!
And in its place is
the arbitrary and capricious want of man.
In the
In our post modern culture,
aside from removing God from the underpinnings of our society, destroying the
rule of law will have the single most deleterious affect we've ever known. For now, we are all cast into a legal
underworld of vagaries where you are no longer bound by social mores, your own
good word or even a legal contract. Instead, you are bound by whatever a judge decides.
"Whatever", that vacuous anthem of apathy of the new po-mo
generation will soon to visit some manner of fresh hell to us all as mechanism
of business degenerate into a seething morass of confusion, legal
confrontations and pitch battles over what was once clearly recognized as right
and wrong!
The
harpies of hell get a 2fer: more social confusion and failing financial institutions
too.
You see, a scheme where Guv'ment
mandated risk, forces banks to loan to those who can't pay and obliges mortgage
interest rate suppression where the banks make less on the loans that they can
collect, is a recipe for failure. Oh and a certain guarantee that the Freddie
Mac / Fannie Mae cycle of taxpayer theft continues thus indenturing more to the
Plantation of the Welfare State.
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