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Virginia A.G. Cuccinelli: Modifying Mortgages is “Welfare”

Virginia A.G. Cuccinelli: Modifying Mortgages is “Welfare”

Millions of homeowners are underwater with their mortgages, many on the brink of foreclosure.  And Republican’s are still more focused on getting banks bigger profits than helping those homeowners out.

Via Wonkroom:

Virginia Attorney General Ken Cuccinelli (R) said that he opposes the settlement because modifying mortgages to keep troubled homeowners out of foreclosure amounts to “welfare”:

Cuccinelli said he opposes principal reductions. “That sounds like a welfare discussion, not a regulatory discussion,” he said. “That’s not the appropriate role for attorneys general.”

Cuccinelli believes that restricting a woman’s right to choose, smearing climate change science, and attempting to overturn the Affordable Care Act are all within the purview of the attorney general’s office. But policing mortgage fraud is somehow inappropriate?

Even if it wasn’t in the best interest of investors, as well as the people being foreclosed on, to have these loans modified, as Wonkroom points out, there seems to be an understanding that welfare, i.e. a mode of governmental assistance to ensure a citizen doesn’t starve to death or freeze on the streets, is always something bad.

When did welfare become so much of a dirty word that it’s now used as a way to cast derision on any bit of government spending Republicans don’t like?

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113 comments

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5:53AM PDT on Jun 5, 2011

Many of the people who are modifying their mortgages did not really know what they were getting into. When a bank is willing to give a mortgage with NOTHING down they charge a high interest rate. The people can afford to pay this amount but barely. Then one of the homeowners loses their job. Now they can no longer pay this exorbitant rate. Modification is NOT loan forgiveness it just adjusts the interest rate down to an amount the homeowner can afford. The bank is happy because some of some is better than al of nothing. The bank does not want the house. Modification has given MANY people the opportunity to hold on to a home the bank helped them buy. If they had not been given a mortgage in the first place that was unreasonable they would not now need to modify.

10:29AM PDT on Mar 28, 2011

I live in the Commonwealth where this Repugnant is Attorney General, and I cannot believe his actions against the Ameican people and us Virginians. His bottom line, as with most politicians, is GREED. To non-Americans: We do have brains and common sense to fight against this corruption, but Big Business pays off these corrupt officials, stepping all over us. We will NOT give up the fight, as frustrating and challenging as it is!

7:34AM PDT on Mar 28, 2011

It's robbery my friends

8:03PM PDT on Mar 23, 2011

Call it what you may, helping stem the huge tide of "neuvo-homeless" and destruction of lower middle class must be accomplished, or the majority of us will be on welfare.

4:21PM PDT on Mar 22, 2011

Thanks for sharing.

4:57PM PDT on Mar 18, 2011

You modify the mortage of some people, giving them a lower payment, and a few extra dollars. Many will still spend too much and still lose there homes.

11:30AM PDT on Mar 18, 2011

The politics here are so so so FRUSTRATING. I can't believe how little informed and naive the majority of Americans are.

10:25AM PDT on Mar 18, 2011

What a complete jerk

10:39AM PDT on Mar 17, 2011

Boy or Boy! Are you people in the USA in a grand mess. So many of you get your news/propaganda from CNN and Fox News. So many can't recognize the difference from fast-talking-entertaining-piece-of-S--t from an intelligent factual newscaster, including intelligent discussions/interviews with sober, intelligent, non-entertaining but basically informed persons. Your American history should apprise you of what your right-wing, Corporate-sponsored Republicans have on their agendas. Any underhanded scheme to fulfill their 'sponsors' demands will in turn fills their coffers. It's all about $$$$ Power, Status. Your education system instills far too much American pride and patriotism while failing to foster independent thinking that Would recognize the repetitious, regurgitated, trite, persistent, pro-corporate, pro-capitalistic, pro-Republican pithy phrases from real fact, logic, truth. So many tricks in the propaganda game. Repeat, repeat ad infinitum (as done in advertising). Blame, blame, blame, Slander all opposition. Utilize any kind of fear mongering (loss of jobs, add-on taxation, higher fuel prices,etc). Slander all popular, well-liked opposing persons. Lastly, Blame President Obama for everything. Forget that Bills were endlessly modified to suit the Republican Congress votes in order to be passed. In fact, Blame Obama for all the current economic woes, bank failures, everything that was well in place long before his election. Sad state of affairs for a once Grand country.

1:56AM PDT on Mar 17, 2011

Lose your repugs on your next election or lose your country...

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