Oh My God: California’s final days of freedom may be near

Russ Steele

The “Foreclosure Modification Act.” proposal, has received an okay from Attorney General Kamala Harris, and it could appear on a statewide ballot in November 2012 if those promoting this stupidity can garner enough signatures.  Do not sign this petition!

One has to wonder if liberals have finally figured out how to put an end to home ownership in California, via the ballot box and the force of government. Golden State Liberty has some of the details:

“If it gets to the ballot and gets two-thirds voter approval next year, the Act would amend California’s constitution to declare home ownership a fundamental human right. Yes, you read that correctly. Foreclosure would be prohibited by law. Banks would be required to help borrowers in default on mortgage payments due to hardship or illness; if local property values drop more than 10%, lenders would have to reduce mortgage principal and interest rates, and reschedule payments and refinance without a fresh review of credit. If a loan has been maintained for three years, banks would have to refinance home loans at minimum cost within 45 days, at the homeowner’s request. Finally, the government would be required to assist homeowners with payment of back property taxes.”

What sane builder would build new homes? What fiscally responsible bank would make home loans? If the government were to forces banks to give loans they would just close and move out of California.  This is a truly a bad idea that will force California in bankruptcy, and we will become the ward of the Federal government.

I would like to say this will never happen.  But, when I look at the liberals the left, and uninformed voters, have elected to run this state it could happen.  When you look at the legislation that is coming from Sacramento every year,  the “Foreclosure Modification Act” does not seem too far fetched.  Let’s hope there are some strong economic interests in making sure this stupidity never gets on the ballot.

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

3 Responses to Oh My God: California’s final days of freedom may be near

  1. gjrebane says:

    Since the effective risk of home ownership under this act is now spread on all California lenders and all California taxpayers, its redistributive effect is to make the state’s entire collective responsible for this newly discovered “fundamental human right”.

    California’s constitution is now advancing from a canter to a gallop toward outright communism. We could save a lot of time by just dusting off the old USSR constitution and be done with it.

  2. Actually I see this as a possible boon to the banks. As with the TARP the bank could get backfilled and this would be our version of Fannie and Freddie (we se how great that turned out, right?). There is low risk to the banks and if anyone knows how to make money from selling gold covered horse crap it is the banking boys, the big ones. My guess is Kamala is doing this for Maxine (I am innocent) Waters.

  3. Dixon Cruickshank says:

    Russ you probably have enough close to BK out there that it will pass on self preservation mode

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