Last week, Ritter's office announced with much fanfare an emergency order that sounds as though it is retroactively rescuing the folks who signed variable rate mortgages with low teaser rates and high early repayment penalties.
The problem is that the state has no power to retroactively regulate contracts, so this is just another Ritter lie.
Bank Lawyer's Blog takes it from here:
If loans with these features are no longer being made, and the regulation cannot apply retroactively, then why the need for any such regulation, much less an emergency regulation? More useless grandstanding by a Governor [ Bill Ritter ] and his minions to make it appear that "something is being done" to deal with a "crisis," when, in fact, nothing useful at all is being accomplished? You be the judge.
This isn't just a lie, it is a cruel Christmas lie. Bill Ritter is lucky that Charles Dickens isn't still writing:
Tiny Tim would be opening his single small present on Christmas morning. In the kitchen, his mother had no turkey to put in the oven nor the time to cook it. She was packing up the kitchen dishes so they could surrender their home to the bank by December 31st.
Tiny Tim's father had been hauled away on Christmas Eve by Bill Ritter's personal police force. It seems that he tried to knock Ritter's grin into next week when Ritter spoiled Tiny Tim's Christmas with a promise he knew he couldn't keep
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