Thursday, May 29, 2008


Bill prohibits deficiency judgment on delinquent CDA borrowers
has been introduced in the House of Representatives to prohibit the Commonwealth Development Authority from making deficiency judgment against delinquent borrowers whose real properties were used as collateral's. Story Here...
Rep. Victor B. Hocog,
author of House Bill 16-114, or the Loan Inequity Reform Act of 2008, said many borrowers are finding it “very difficult” to meet their loan payments to CDA.
Hocog, Ind.-Rota, is one of CDA’s delinquent borrowers whose properties were eventually foreclosed.
His bill, if enacted into law, will apply retroactively before Jan. 1, 2008.
“These borrowers
now find themselves in the position that if CDA forecloses on their property to satisfy their loan obligations, they will still owe deficiency judgment. This act is intended to relieve borrowers of CDA from facing deficiency judgments,” Hocog’s bill stated.
Does that mean that.. Hocog will write a bill to exempt himself from paying his due responsibilities to CDA. No wonder the governor has to declare an emergency takeover to keep CDA from going defunct. Why do lawmakers get to make their own rules to save their own asses? Do we get the same treatment? Why don't we all take out a loan and then pass a rule to exempt yourselves from paying? Good deal for all? Probably we, the taxpayers, paying everything we can to just keep our heads above water will have to cover this greedy piece of legislation. What do you think? Should this act be passes? Do you want to pick up the slack?
Pay your dues when they are due, all lawmakers! Don't make up your own rules.....


Lil' Hammerhead said...

I thought that's what this story was trying to say. I don't know enough about the workings of CDA, to know exactly what the article was talking about. Thanks for clearing it up a bit Glen.

Anonymous said...

Poor Victor. He nows pays rent for a house he used to own.