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The latest installment of Senator Ann Rest’s (District 45) unapologetic liberalism comes in the form of SF 3396, which is a bill designed to provide a safe landing for citizens who may have defaulted in the snare of a subprime home loan.
First off, state and federal legislators created the foreclosure mess. They made it impossible/illegal for lenders to discriminate against potential borrowers based on a thorny thing like a credit history or economic viability. Borrowers, given the legislative green light to loan to just about anybody – did. They collected their commissions, bundled their bad loans and sold them off to mortgage brokers.
Now the people who brought us the subprime loan crisis are going to fix it!!! From her press release:
Under this proposal, homeowners who received a subprime loan or loan with negative amortization between January 1, 2001, and August 1, 2007, would be eligible for a deferment. Homeowners would have to file an affidavit with their lender, agree to live in their home for the deferment period, and make payments equal to their minimum monthly payment on the date the loan was originated, or 65% of the minimum monthly payment at the time the borrower defaulted.
Of course, the taxpayer will pick up the tab.
Liberals created this Petri dish of botulin. Now, they want to give the victims an anti-nausea pill. They refuse to let the market find its own equilibrium and let real credit policies rule the day.
They’re making their message to the voter loud and clear: We’re Democrats and as long as we’re in charge you can’t be too stupid.
Ms. Rest's administrative assistant is Brenda Shafer. You can write her with your impressions on this pending legislation at
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