ON THE AMENDMENT TO THE BAIL OUT BILL

The Amendment to the Bail Out Bill is absolutely essential to its goals: to stabilize our financial system. It will radically reduce the number of (unqualified) applications for mortgages to those people who are not yet ready or prepared to purchase a home.

Nancy Pelosi expressed satisfaction that her actions had dramatically increased the numbers of financially strapped and minority citizens who had become home owners. So, I ask you, Nancy, would you buy a car for you daughter when she turned fourteen? NO! You would wait until she was ready and able to successfully drive and enjoy it.

Senator Obama, I have heard, got his start in politics working for ACORN helping people to find and qualify for programs to buy homes. He was successful in this enterprise as success was measured by the number of people who became home owners. I hope and trust that he took the time also to educate these people in the skills and responsibilities of home ownership. This is where it is extremely important for the prospective home buyer to be taught all about the skills and responsibilities of home ownership. Fine men and women do this on a regular basis everyday, but there are some in the real-estate and finance industries whose primary goals focus on compensation.

This is why this amendment is necessary to guarantee stability in our financial industries. No longer will mortgage paper be misrepresented with impunity. If G rated mortgages are bundled and marketed as A rated, the bundler should go to jail!

Offered by L. Henry Platt, Jr.

To return to the Amendment, click here.