A New Hero Emerges

If it ticks you off to see your neighbors, in their over priced and ill financed homes, getting a free ride from the mortgage bankers, someone is fighting your fight. William Frey is not going to stand by and let it happen. As I have said before, you can't just modify the terms of loan agreements when you no longer own the loan. William Frey owns a lot of them and that is why he is suing the authors of the 2005 Bankruptcy Reform Act Bank of America of their proposed plan to restructure 400,000 loans that were made to completely unworthy home buyers.

When asked about the lawsuit, Bank of America played dumb, kind of like when they agreed to buy Countrywide, the originator of those loans. I'll bet there is some serious buyers remorse related to that purchase. If you think you over paid for that big screen that the wife yells at you about? I'll bet Bank of America has it ten times as bad.

Like most hero's Frey has his flaws. He thinks you and I, the tax payers should have to pick up tab, another half trillion dollars, on these bad bonds. I can't say that I am a fan of that course of action, but as I continue to beat my drum here at The Last Good Idea, I will repeat my mantra. Support the banks, everyone benefits. Only our idiot, fool neighbors benefits from bailing out the individuals.

So, like the old saying ... the enemy of my enemy is my friend. So while Mr. Frey seeks to put off bailing out the individual morons who bought too much house and continues to wave his ink pen sword at the likes of Representatives Barney Frank, Maxine Waters, etc. I will call Mr. Frey our hero today. Especially since he has given Barney Frank another opportunity to make himself look like an ass. He can't really help it, it’s his nature. Barney Frank asked Mr. Frey to discuss alternatives, but quickly withdrew the invitation. I am sure he knew he was standing on the wrong ground.