MEAN HOUSE REPUBLICANS RANT AGAINST RELIEF ON UNDER-WATER MORTGAGES - IT OFFENDS THEIR SENSE OF "PERSONAL RESPONSIBILITY"

I saw and heard Virginia Foxx, Republican of North Carolina, on C-Span warning how Republicans would remain true to their "principles" and never approve any assistance to distressed homeowners underwater on their mortgages.

It would appear these mean Republicans would rather a financially distressed homeowner suffer foreclosure with the result of an empty bordered up house on their block than cut the unfortunate person any slack with his/her mortgaged indebtedness.

One of the Democratic proposals is to allow a bankruptcy court to order mortgage indebtedness be reduced to the current market value of the property. So if a person in bankruptcy owes $200K on his home mortgage but his house and land is worth only $150K, a bankruptcy judge would be able to order a "cram down" of the indebtedness from $200K to $150K. The result would be that there would be no foreclosure, no bordered up empty homes, no deterioration of the real estate property values in the immediate neighborhood.

But this "cram down" is anathema to mean and nasty Republicans. It is against their sense of "personal responsibility." The never-cut-a-sucker-a-break mentality. Republicans have no sense of decency or giving a person a fresh start. No wonder their party is associated with the rich and wealthy and always against the common man.