Congress intentionally misleading the public

Congress is intentionally misleading the public. I have listened to some of the hearings held by Sen. Chris Dodd and Rep. Barney Frank discussing mortgage rewrites and how there’s nothing Congress can do to help the homeowner, but if the homeowner will contact their mortgage holder, they can possibly have their mortgage rewritten, but they have to contact the holder; the servicer can’t do it.

From the research I have done, there is no way to find out who the holder is, and the servicers don’t want you to know who the holders are and are not required by law to tell you. The holders, it turns out, don’t have any thing to say about rewrites, it is the servicers in many contracts that has the discretion to allow the rewrites. There is no justifiable excuse for congressional members to be misinforming the public in this way. Congress makes the laws. They are intentionally misleading the distressed homeowners.

Ever since this downturn began, Congress has forgotten, abused or misused many of the laws and rules ever written on contracts and banking. They even suggest that from now on, bankers use prudence as if no one had ever thought of being prudent before this. Good God. The entire foundation of a banking system has been based on being prudent. No one could accumulate enough money to be a banker, before the bailout, that is, if they weren’t prudent.

There cannot be a reliable banking system without it, and the last three years are living proof that there has been little or no prudence involved in banking or the finance industry for quite some time. And now we do not have a reliable banking or finance system in this country and the imprudence is sickening the whole world. The weight of the whole fiasco belongs on the back of Congress and their failure to perform even reasonable oversight on the banking and finance industry and not one of them is facing up to their responsibility.

Is there no one in the Senate or the House with any integrity and vision for the future of this once great nation with intentions of returning it to one of liberty and justice for all?

DEE MILLER

Hope