Comments on the Senator's Letter to Constituents

Here are a few morsels:

To quote the Senator "my proposal, S.2133, which would have authorized the bankruptcy courts to restructure interest and scheduling of payments. The so-called variable rate mortgages have confronted many homeowners with the surprise that original payments, illustratively, of $1200 a month were soon raised to $2000 which resulted in defaults." and "Senator Durbin's proposed legislation, S.2136, which would have authorized the bankruptcy courts to reset the principal balance depending on the value of the home."

Comment: these two proposals would attempt to reward mortgage defaulters. Sen. Specter justifies the courts "restructuring" of variable rate mortgages to avoid the "surprise" confronting "many" homeowners. What is he talking about? The "surpise" that people didn't have sufficient financial knowledge, aka common sense, to make the purchase in the first place and always expected they would have sufficiently increasing earnings to cover their debts, or the surprise that the people who obtained adjustable rate mortgages couldn't flip their houses quickly enough to make money and then move on to their next quick buck scheme? What will that be? Making money through foreclosures? So now the Senators want the taxpayer to pay their defaulted mortgages, thereby keeping these people in their houses and maintaining their lifestyle?

Of course, the rest of us, who practiced LBYM; "living below your means", we haven't defaulted on our mortgages, we pay our creditors and bills on time, and we may have some cash saved "for emergencies". So we can now turn it over to the imbeciles and scafflaws. And why? Because we are responsible with our money, don't take greedy chances with that money. So the Senators' reward to us? We will not be given the opportunity to "restructure interest and the scheduling of payments".