Tag Archive: Biden

Biden on Mortgages

From the CNN transcript of the debate (emphasis mine):

{Biden} Number two, with regard to bankruptcy now, Gwen, what we should be doing now — and Barack Obama and I support it — we should be allowing bankruptcy courts to be able to re-adjust not just the interest rate you’re paying on your mortgage to be able to stay in your home, but be able to adjust the principal that you owe, the principal that you owe.

That would keep people in their homes, actually help banks by keeping it from going under. But John McCain, as I understand it — I’m not sure of this, but I believe John McCain and the governor don’t support that.

I seemed to have been a little prescient with my [cref so-can-i-get-my-mortgage-renegotiated post] of a few days ago.

But Obama and Biden only want to reward those who can’t or don’t or won’t pay their bills and declare bankruptcy with a readjustment for not only the interest amounts that were contracted for, but also to reduce the amount owed! So if you bought that $300K house and you could only afford a $100K house, Obama and Biden are saying that a bankruptcy judge could arbitrarily reduce the amount the owed on the house to whatever the judge wants.

This will make it harder and harder for Joe Sixpack who pays his bills to get a mortgage. What bank will issue mortgages (secured by the value of the home and land it sits on) if said value can be reduced at any time?

When one receives a mortgage, the bank pays the seller of the home the amount that you contract for when one purchases the home. If that amount is subsequently reduced via judicial fiat, it’s a straight out loss for the bank. If the bank pays $300K to the seller and you’ve paid a little towards the principle (remembering that early in the life of the mortgage one’s payment is split with a majority of the payment going towards interest) and a judge just reduces the principle to, say, $150K, the bank has lost that $150K less the small amount of your payments that have been applied towards the principle.

The bank covers much of its overhead through the interest rates it charges to loan you money. So a reduction in the interest rate also bites into the bank’s bottom line, further reducing incentive to issue mortgages even to people with good credit.

Talk about a financial crisis. That policy would just make it worse.


Thirty Years

That’s the number bandied about by the Obama camp and surrogates trying to say that McCain’s been in Washington that long so he doesn’t represent a change.

Joe Biden’s been in the senate for 36 years.

Isn’t 36 longer than 30?

Excuse Me??? – updated

Obama’s spokesman Bill Burton put this out this morning (via Huffington Post):

Today, John McCain put the former mayor of a town of 9,000 with zero foreign policy experience a heartbeat away from the presidency.

Excuse me?

Obama chose Biden for his foreign policy experience because Obama himself has none. Obama almost had to pick a VP with foreign policy experience.

McCain doesn’t need to pick a VP with foreign policy experience, he has enough of his own thank you very much.

Governor Palin as Governor and as a former mayor has more executive experience than any of the other three…


For more on what Governor Palin brings to the table see Beldar’s post that links to all the posts he’s written on Governor Palin over the past months.

3 AM Text Msg

Obama-Biden ’08

Obama Biden bumper sticker 2

Obama Biden bumper sticker 2

Dem VP Choices

Okay, so now we’ve been told that the text messages will go out tomorrow morning at 10:00 am (I am assuming Central Daylight Time) and the big event at the Old Capitol Building in Springfield is now scheduled for 3:00 pm.

Earlier today there were four names out there in the Great VP Stakes:

1. Tim Kaine (who has since said that he’s been told he’s not the pick)

would be Obama/Kaine



Lots of cane sounds in there…

2. Birch Evan Bayh

would be Obama/Bayh

Could sound like Obama buying something or Obama bye…

3. Chet Edwards – the new one today

would be Obama/Edwards

does Obama really want the name recognition of Edwards, even if Chet isn’t Silky Pony?

4. Joe Biden

would be Obama/Biden

probably the most likely of the bunch.

VP Choices

In [cref Breathless-Anticipation] I noted that the media is stressing out over VP choices for both candidates.

For the past couple of days as the excitement is reaching a crescendo I’ve been thinking that the candidates themselves (and perhaps their picks, if the picks actually know who they are) are laughing their a$$es off watching all of this.

Today, there are cameras outside the homes of three potential Dem VPs – Joe Biden, Evan Bayh, and Tim Kaine.

May not be any of them.

Say It Really Fast

Victoria at Sundries brings this comment from a NYT article about Joe Biden. She has composed a little ditty about it.

I have composed a bumper sticker.

Obama-Biden Bumpersticker

Obama-Biden Bumpersticker

Say it really fast. What does it sound like?


Obama Biden bumper sticker 2

Obama Biden bumper sticker 2