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Cantor Opposes Foreclosure Moratorium: ‘People Have To Take Responsibility For Themselves’

CANTOR: I’m just perplexed to that answer, Bret… what we’re seeing if you do that, if you impose a moratorium on foreclosures what you are telling people and institutions that lend money is they do not have the protection to take the risk they need to, to extend credit for people will get a mortgage. You’ll shut down the housing industry if that is the case[...]

What we’re talking about, Debbie, you have 10 percent, if that, of the population who are now in a foreclosure situation or in a mortgage that they have been unable to meet the obligations… Now, come on, people have to take responsibility for themselves. We need to get the housing industry going again. We don’t need government intervening in every step of every aspect of this economy.



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I give him credit for voting

I give him credit for voting for Ron Paul's audit to be added back to the financial reform bill, but I don't know him well enough to know if it was for show or not. He may fear what temporarily halting foreclosures will do to the economy when the big banks later find the paperwork after more homes have come into foreclosure. The bankers should lose everything after the damage they have caused to the economy by slowing down the process of liquidating bad assets.

What he is really saying...

here is that the people have to take responsibility for the banking industrys' blatant dishonesty....the whole banking industry should suffer long and painfully and then fail because the whole banking system is fraudulent.

“The Internet is the first thing that humanity has built that humanity doesn't understand, the largest experiment in anarchy that we have ever had." - Eric Schmidt

Hmmm, a moratorium will cause

Hmmm, a moratorium will cause lenders to stop lending money? Maybe not an entirely bad scenario. I'd like to see what the government would try to do after that happened.

Voters should turn this

Voters should turn this "Young Gun" into the human cannonball and fire him out of Congress and into orbit.

Greed may have lured many fools into signing onto loans they had no business buying, but even greedier and criminal bankers were financing these bad bets knowing full well they could get a lot of interest money and then steal the house. I haven't heard the Young Guns complaining about the greed in Potter's Loan-Shark Emporium!

"Cowards & idiots can come along for the ride but they gotta sit in the back seat!"

Well, if "responsibility"

is going to be the yardstick, then how about we hold the bankers responsible for their own losses in making knowingly subprime loans, and then fraudulently bundling them into "securities" and marketing them worldwide as "good".

I'd say there would probably be millions of counts of fraud and racketeering, which should be plenty enough to put every one of these banksters behind bars for the rest of their lives.
And probably a good portion of their crooked gov't cohorts along with them.

I say, "Let the responsibility fall where it may".
And may the justice come in full measure where it belongs".

In my opinion, since the banksters fully intended to have this exploding bubble that they engineered, to fall on the people, enslaving them and their children for many generations, that the full measure of all the fraudulent debts be placed on the banksters and their families for all the generations necessary until it is all paid in full, with interest.
Let them have the sentence that they sought to place on us and our posterity. Let them have 100 generations of debt slavery on them and their progeny.

Cantor represents the

Cantor represents the interests of the central banks and not the people.

Michael Nystrom's picture


Need to take some responsibility as well.


if the banks committed fraud

if the banks committed fraud (and they did, and do) then why should they be unjustly enriched? The whole banking system is a scam and the cancer in the world.

yes but not all banks committed fraud

Why should the people who bought more house than they could afford be unjustly enriched either?

Besides, a national moratorium would put the small banks that committed no fraud out of business.

As a taxpayer, I don't want my money going to bail out crooked banksters, but I also don't want to support people living for "free" either.

Let's say you bought too

much house. Well if certain entities had not blown up a bubble you should be able to sell said too much house. BUT you can't now can you? That house is not worth what you paid for it. At least if you were renting you would not have to pay for something you will never get. There was a time when selling your home before forclosure was an option. Now people can't sell for enough to pay off the morgtage. Coming out even is easier with a used car you still owe on and being able to buy a cheaper one you can still drive.
Matbe I'm stupid, but I feel like people were robbed and now are looked upon in disgrace because they aren't able or don't want to pay for being robbed.
Almost seems like homeowners ins. should pay out for loss of property. This is a disaster.

I agree people were robbed

by the big banks, and I think short sales or deeds in lieu of foreclosure are the way to go for underwater homeowners.

But should the taxpayers (us) pay for people to stay in their homes for free now because the major banks perpetrated fraud? I don't know about you, but personally I don't want to pay for that.



If you stop bailouts, stop

If you stop bailouts, stop unnecessary war spending and promote business and employment, there will be no living for 'free' problem. Address the root of the problem and all others will be taken care.

Couldn't agree more

on that.

You might consider

that "more house than you could" may not in many cases started out that way. First of all houses were overpriced so even a very modest house was too much for many and then consider the gas crunch,inflation... you get the picture all pretty much caused by the same people. Also consider that naive people were fooled into believing they could afford more than they could. Ignorance I suppose is no excuse, but you could say that malinvestment was an unintended consequence of Fed manipulation and the fraud that was the housing bubble. How was the average Joe supposed to predict the bottom would fall out? I mean really. It had gotten to the point where a couple with 2 decent incomes could barely afford a not so great starter home and then when anything else went slightly wrong in the economy. (which was one thing after another) they were screwed. Any house was too much house and rent was too high too. Face it. They we set up to fail and many that haven't yet are hanging on by their fingernails. Is it their fault? In many cases I think not. Now many are losing jobs too. Their fault?
Should the tax payer have to pay for it? No. The banks should eat it and the FED should eat it. Oh you can't eat air.

I was referring to...

...the people who got the liar loans, no doc loans, etc. They knew what they were doing and the banks that gave them those loans knew what they were doing as well.

Again, if homeowners are underwater, then I see nothing wrong with short sales or deeds in lieu of foreclosure. But I see a lot wrong with a national moratorium on foreclosures -- the too-big-to-fails would get more bailouts, the small banks would go under, and the taxpayers and underwater homeowners who got loans legitimately will pay the price once again.

I totally understand this

I totally understand this position. The house prices weren't so bad in my area, but out in the hot markets it was ridiculous. In my opinion it is both the buyer and the lender who both got into it. So in my opinion they should go to the bank and try to work something out. My parents had to do it in the 90s, TWICE.

I think these times will be learning times. We will learn that some banks are ruthless and some are more community oriented. Kinda let the free market sort the bad ones out?

Now that

makes sense. Unfortunately most banks will still put the screws to the borrower and act like they are doing them a favor. They have developed an addiction to unfair practices. Isn't that why we are here? Along with the Fed and their artificial interest rates? The smaller 'more personal' banks have rapidly become as bad in order to compete or not be bought out/taken over by the big boys. Even credit unions are starting to get a little smelly on the top layer.

Correct process necessary to protect homeowners

Some people are portraying this as just a matter of dotting i's or crossing t's. It's not.

In the rush to sell mortgages from one party to another, mistakes were made (it would seem, by policy). Papers and notes were lost.

Now, when someone wants to foreclose on you, how do you know they are the actual holder of the note? You don't, without correct legal process.

A party is not the holder of debt simply because he claims to be. And if you hand the house over to claimant #1 with no checking, you are liable if the actual owner of the debt then comes to collect.

What are you going to do then?

Under libertarian theory, a person has the right to collect debt owed to him, but not fraudulent debt (some mortgages were sold twice with pasted signatures).

WSJ Opinion

If evidence emerges of policies or actions that wrongly threw people out of their homes, by all means investigate and prosecute violations of law. But allowing people to live in homes without paying for them is not cost-free. That cost will be borne directly by investors in mortgage-backed securities and mortgage servicing companies, and ultimately by American taxpayers, who now stand behind 90% of new mortgages, thanks to guarantees by Fannie Mae, Freddie Mac and the Federal Housing Administration.

The bigger damage here is to the housing market, which desperately needs to find a bottom by clearing excess inventory and working through foreclosures as rapidly as possible. The moratoriums further politicize the housing market and further delay a housing recovery. In an economy and a financial system engulfed in Washington-created uncertainty, the political class has decided to create still more.


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People do, but not corporations.

Bail them out. Or let them have more drilling rights for totaling screwing the pooch on the last well.

Love or fear? Choose again with every breath.

You are spot-on, Fishy

You are spot-on, Fishy

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