Making a Difference, by Doing the Right Thing!
After Evicting thousands of Families in the last year, and enduring many gut-wrenching episodes, at the bequest of the Big Banks -- Illinois Sheriff Tom Dart, finally said:
Rachel Maddow thanks Tom Dart
No more, would Sheriff Dart do the bidding, of nameless, faceless, Bankers and Investment Firms, who most of the time, don't even know who to talk to, when Home-owners, ask to re-negotiate their Mortgage Loans.
Families have faces; they have Children;
They are often, responsible Renters --
and they're being summarily "Put Out on the Street" (through NO Fault of their own, and with next to NO Notice!)
It an outrage, that situations like this happen in America!
MSNBC interviews Tom Dart
Thanks for standing on principle, and making the Point, Sheriff Tom Dart!
Many have noticed ... And Now Congress wants to get into the act too.
The Sheriff's Senator is Illinois Senator Richard Durbin.
And Senator Durbin, is now following through on the good Sheriff's example.
Senator Durbin is stepping up to "Do the Right Thing",
to change the Mortgage and Bankruptcy Laws
that are forcing these inhumane Eviction practices to continue, all across America.
11/19/2008 - CSpan
Senate Judiciary Committee: Housing Industry and Bankruptcy Laws
Summary: Witnesses testified about a bill to help homeowners by giving bankruptcy courts the authority to adjust interest rates on mortgages for primary residences.
(Sheriff Tom Dart was invited to speak to the Committee, alongside the "representatives" of the Banking Industry.)
Here's the Link to the CSpan Video
Click the "Flash Video" Button on that page, to view.
Much of the testimony is quite moving, and quite direct, especially Senators Durbin's and Schumer's, and the Cook County Sheriff's.
The parts that made me sit up and take notice, include the discussions on the "problems with Tranches". (As I have written about before, Tranches are the "CDO investment vehicles" which have allowed much of the current Housing Crisis to develop and deepen. Basically, Tranches have turned Mortgages into "sliceable, diceable Commodities", allowing Mortgages to be parsed out, bundled up, re-distributed, and re-sold, multiple times over. So that now, with 90% of Mortgages, no one knows, who owns what anymore! Chances are hundreds, or even 1000's, of investors have a Claim, to YOUR Mortgage! Good Luck getting them to cut you a Break!
Click Here, then Click Start for any interactive explanation of Tranches and CDO's)
Well, Senator Durbin's Committee has discovered that:
1) 90% of Mortgages are now held in Tranches, which cannot be re-negotiated, because of the "unanimous consent" clause, requiring agreement among the 1000's of Tranches holders, to change the contract.
[The good Senator is trying to change that.]
2) Housing Crisis will not end, until Home Prices can "find a floor"; and that will not happen until Tranche-holders are allowed to re-negotiate their investment, ie. to cash out of their Tranches, by selling their stake (say, for example, at 40 cents on the Dollar, or whatever the going rate may happen to be). Until that happens, we will have gridlock and uncertainty, with regards to the Housing Market -- as Tranche-holders will be obliged to wait it out.
[The good Senator is trying to re-write the laws to let that happen too.]
Unfortunately, the not-so-good President George W. Bush, forever the ally of Big Business and Big Bankers, has vowed to veto any such changes, regarding these investments.
Talk about being a Scrooge at Christmas --
Good thing President Bush will be facing his own Eviction soon!
Too bad all his possessions won't be put out by the curb, to be picked over, and stolen, by passerby's, before he can arrange to get the U-Haul Truck! (Sorry that's just the Free Market at work, don't you know?)
If only we had more Citizens who knew the Difference between Right and Wrong --
AND MORE Citizens NOT afraid to act on it!
Citizens like Sheriff Dart, who have the courage to "Just Say No More!"
Sheriff Tom Dart: No foreclosure evictions on my watch
"It's Just Wrong!"
Well said, Sheriff, and Well Done, too!