And here comes Chuck In Shiny Armour

[cryowizard]

Well, that didn't take long.

Here's Chucky Schumer introducing a legislation about bailing out the "victims" of subprime mortgage collapse (see my two posts on this here and here).

NEW YORK (Reuters) -- The federal government should offer troubled borrowers hundreds of millions of dollars to bail them out of subprime mortgage loans, several leading Democratic lawmakers said on Wednesday.

"The federal government can send in an infusion of [money] to prevent foreclosure," said Charles Schumer, a New York Democrat.

The cash infusion is needed right away and should go to both help fund community groups aiding troubled borrowers and to directly fund bailouts, Schumer said.

http://money.cnn.com/2007/04/11/real_estate/Subprime_bailout/index.htm?postversion=2007041115

God-Fucking-Dammit. Leave it to our asshole politicians to completely forfeit personal responsibility. Bail out every sorry asshole who wasn't supposed to have a mortgage in the first place because he didn't have money/credit but got said mortgage anyway with "strings" attached from a company that couldn't calculate risks.

Bail him out -- his kittens look sad (c) rkatsyv

Taxpayers money for everyone!!!

I sincerely hope Senator Chucky wont have too much support in Congress, even a Democrat-dominated one, to pull this off and we'll simply write this into the annals of bullshit political posturing.

PS. Chuck Schumer's HQ phone number is 212-486-4430 (dank wel LT). If you have a problem with him paying delinquent mortgages with your tax dollars, give Chucky an angry phone call. Or you can email him here

Comments

[tateeana.livejournal.com]

This benevolence is a bit strange. Here is what confuses me:
a) what is the rationale behind CS's idea that government should pay out the debts of people who are at risk of foreclosure?
b) what is his implementation plan? loan the money(lol)? tax breaks? give the money directly to lenders?

[cryowizard.livejournal.com]

a) He thinks that everyone, including people who can't or won't make sound financial decisions, are entitled to the American Dream of homeownership. This entitlement can only come at someone else's expense, in this particular case -- at taxpayer's (your and mine, that is).

b) I don't know, good question. Maybe he'll just hand the cash out to people who say keyword "foreclosure"...