Every homedebtor and housing gambler in America now has the incentive to stop paying their home loan, immediately.
People who pay as promised get nothing. No cut in principal. No reduction in interest rate. Nothing.
People who DON'T pay get everything. Not because Big Daddy Government cares about them, but because it wants to make sure the banks don't fail and home prices don't fall to their natural levels. Bankers and the REIC gave all that money to Dodd and Frank for a reason you know.
Play by the rules and act ethically - the government tells you to go F yourself.
Break your contract, stop making payments, don't honor your commitments - the government is there to shower taxpayer money on you to make sure you don't walk away from your depreciating debt-trap.
This is what's become of America folks. A country whose corrupted Democratic and Republican leaders screw honest, hard working and ethical people every chance they get, doing the bidding of their bank and REIC masters, redistributing taxpayer money from the honest to the dishonest.
Contact Barney Frank and your congressman here. Write letters to the editor. Post on blogs. Show your outrage. Go down with a fight. Our voice can be heard.
Bernanke gives green light to Frank foreclosure bill
WASHINGTON (MarketWatch) -- Federal Reserve Chairman Ben Bernanke gave the green light Monday to congressional efforts to prevent foreclosures of homeowners caught in the recent sharp nationwide decline in home prices.
"Finding ways to avoid preventable foreclosures is a legitimate and important concern of public policy," Bernanke said in a speech at the Columbia School of Business in New York.
Legislation to aid strapped homeowners is making its way through the House of Representatives.
The bill has been pushed by House Financial Services Committee Chairman Barney Frank, D-Mass.
It would allow the Federal Housing Administration to back as much as $300 billion in refinanced loans for homeowners facing foreclosure.
Some have questioned the need for the measure, saying that it would punish homeowners who played by the rules and didn't overextend themselves.
Bernanke's support may help Frank sell the measure.