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Old 04-24-2009, 09:10 AM
moh malekpour moh malekpour is offline
 
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Default Investors move against mortgage securities bill

http://www.ft.com/cms/s/0/14a75952-3...nclick_check=1
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Bond investors are lobbying hard to change federal policies aimed at reducing foreclosures in the US, saying the measures discriminate against holders of top-rated securities backed by mortgages.

The investors are set to meet senators next week. The next step could be legal action against the US government if the law is passed, on the basis that it could violate the Fifth Amendment, which prohibits the taking of private property for public use without compensation.

Serious investors are committing significant resources to this issue,” said Eric Brenner, partner at Boies Schiller and Flexner, which is advising investors that hold mortgage-backed securities. “They are really troubled that government action could prevent enforcement of their contracts and are considering the potential for legal action to protect their property rights
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Old 04-24-2009, 11:49 AM
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Pamela Crowley (Florida) Pamela Crowley (Florida) is offline
 
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That looks like a very worthwhile suit for them and the only way to stop it would be to throw out the US Constitution... which might be in process right now.
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Old 04-24-2009, 05:36 PM
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timd354 timd354 is offline
 
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Originally Posted by moh malekpour View Post
These investors are absolutely correct. Everyone should be very concerned when the government starts abrogating legal contracts or takes away the ability to enforce private contracts. Once we get on the slippery slope of taking away private property rights, the end result will be the complete destruction of our economy and the American way of life as we know it, to be replaced by either massive civil disorder or a loss of freedom as the government seizes more and more power and turns this country into a socialist "paradise".
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Old 04-24-2009, 06:17 PM
Karl Karl is offline
 
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Originally Posted by timd354 View Post
These investors are absolutely correct. Everyone should be very concerned when the government starts abrogating legal contracts or takes away the ability to enforce private contracts. Once we get on the slippery slope of taking away private property rights, the end result will be the complete destruction of our economy and the American way of life as we know it, to be replaced by either massive civil disorder or a loss of freedom as the government seizes more and more power and turns this country into a socialist "paradise".
Couldn't agree more & I'll take the bet that we'll just let the Government take control cause I firmly believe we do not have enough true AMERICANS that have the BA Backbone to fight.
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Old 04-24-2009, 09:43 PM
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David Wimpelberg David Wimpelberg is offline
 
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The government's problem is that if this passes, the government will be the only supplier of low-interest, low-end mortgages. Investors will demand higher interest rates, otherwise they will find other ways to invest their money. They can't print money (or borrow from themselves or whatever they want to call it) forever, and it will ensure a rather painful adjust in the end.
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Old 04-25-2009, 09:57 AM
EXSTATECERT EXSTATECERT is offline
 
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Originally Posted by Karl View Post
Couldn't agree more & I'll take the bet that we'll just let the Government take control cause I firmly believe we do not have enough true AMERICANS that have the BA Backbone to fight.
Are you a true enough AMERICAN to pick up a weapon and go against the Gov.

Careful how you answer.
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