By: Detective Krum
Congressmen risk impeachment with another "bailout" as President Bush and others try to twist the arms of Americans through fear tactics.
Public Law No: 110-289 Found in the Federal Register at: http://www.archives.gov/federal-register/laws/current.html
Who Sponsored this bill? Sponsor:Rep. Nancy Pelosi [D-CA]
See full tracking at: http://www.govtrack.us/congress/bill.xpd?bill=h110-3221
Who Co-Sponsored this bill? ( 18 Democrats )
Cosponsors [as of 2008-08-30]
This bill is clearly unconstitutional. This bill provides for the government to change contract law. When a person applies for a mortgage the process includes an investigation, by the potential lender, regarding the borrower's ability to pay the loan back. If the borrower's reports show the borrower may not be able to pay the mortgage back and the lender still determines to give the borrower the mortgage, whose fault is this mortgage? Regardless, there is a contract entered into between the lender and the borrower. This is called "Contract Law". For the US Congress to remove American consumers from the right of contract by renegotiating is fraud against Americans. (See law excerpts below).
Public Law 110-289 creates a new independent Agency (grows government even bigger) along with a ‘Board’ that is to ‘advise the (not yet appointed) Director with respect to overall strategies and policies in carrying out the duties of the Director under this title. It will be comprised of 4 members: the Secretary of the Treasury, the Secretary of Housing and Urban Development, Chairman of the Securities and Exchange Commission; and finally the Director, who shall serve as the Chairperson of the Board’. Who is representing the people?
HOPE FOR HOMEOWNERS PROGRAM … this section begins when this law becomes effective October 1, 2008 and automatically sunsets September 30, 2011; it is $300 Billion in size. It’s purpose, among other things, ‘is to create an FHA program, participation in which is voluntary on the part of homeowners and existing loan holders to insure refinanced loans for distressed borrowers to support long-term, sustainable homeownership; to allow homeowners to avoid foreclosure by reducing the principle balance outstanding, and interest rate charged, on their mortgages; to help stabilize and provide confidence in mortgage markets by bringing transparency to the value of assets based on mortgage assets; to target mortgage assistance under this section to homeowners for their principal residence ….’
To say this law is voluntary is an assault on American intelligence. This law costs every American $4 extra dollars showing extortion through legislation of unconstitutional actions by Congress. It is time to start impeachment or recall proceedings against Congressmen / Congresswomen who overstep authority. Why would Congress want provisions for homeowners in any bailout when:
1. That is what Public Law No: 110-289 was created to do.
2. Why are renters forced to pay?
3. Why is the Constitution being shredded with these laws?
4. Who has profited and how much have they profited from previous bailouts?
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