The President made it abundantly clear last night that one of the bailout’s fundamental purposes is to help troubled homeowners who need to refinance their homes, thereby preventing foreclosure. Yet one of the most popular Google searches yesterday concerned one’s ability to delay or stave off a foreclosure by demanding the foreclosing bank produce the original Note.
In fact the other day in the same chamber where the President spoke, Congresswoman Marcy Kaptur from Ohio begged residents throughout the US to not just walk away from their foreclosed homes, but to fight and hire a “good lawyer” that can go up against the Wall Street attorneys! The video is circulating the internet like wildfire and the related search terms have hit the top of the Google Chart. See the video for yourself.
I was flawed to see a Congresswoman advocating our hypothesis or thesis on the floor of the United States Congress! Nothing feels better than a little positive reinforcement. The issue of lost notes and lost mortgages is a fundamental constitutional issue concerning due process and jurisdiction.
So as President Obama tries to tackle energy independence, education and healthcare… all at once, the public is trying to figure out how to keep their families from losing their homes to foreclosure since the President has little to offer those folks in the stimulus package for now. So… it is for the time being up to the lawyers to fight this battle. As the President noted, as Americans, we are up to the challenge.