Thursday, March 5, 2009

Rep. Michelle Bachman (R-MN) says ...

Why would a lender make a 30 year loan if they fear the powers of the federal government will violate the very terms of that loan? They'll only make those loans at a great cost both to the borrower and to our society. Surely as day follows night we will witness yet another nail in the coffin of home developers, who already are reeling under the burden of poisonous government policies. Experts currently estimate that the additional costs due to the risk of the cramdown bill would raise mortgage rates as much as two full percentage points, or substantially increase required down payments. This is the last thing homeowners need. The last thing our economy needs. There's responsible homeowners all across American who are living within their means, who are making honest representations on their loan applications and pay their debts, and working hard to achieve the American Dream. Let's not disadvantage them.
Not to just indiscriminately attack her ... but ... WOW, what a freaking nut job.

Source - Congress Matters

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