Joe Doakes from Como Park emails:
Democrats are running a television ad against Jason Lewis, candidate for John Kline’s congressional seat, featuring this quote: “People have no idea what a great deal the American foreclosure system is.”
Lewis is entirely correct, of course, but explaining it takes longer than a 2-second sound bite so Liberals can’t be bothered to understand. They hear “foreclosure” which in their minds is “bad” and that’s enough to cement the mental link “Lewis = bad.”
Look, if you want to buy a house that costs $180,000 – go buy it. Oh, you don’t have that much saved up in the bank? So take a loan to buy it. Of course, the lender will want collateral for the loan, that’s only prudent. Do you have gold, jewels, furs, bonds you can pledge? No? For most of history, and in many countries around the world today, that’s the end of the story. No collateral, no loan, no house.
America’s system of mortgage-backed lending lets you pledge the house itself as collateral for the loan you are taking to buy the house. If you can’t repay the loan, the bank sells the house at auction and applies the sale proceeds toward your loan balance, leaving you with a much smaller loan balance to repay. Minnesota’s optional foreclosure by advertisement process is even better – the lender takes the house and writes off the rest of the loan balance: you owe nothing. No debt, no judgment, no garnishment, no debtor’s prison; you walk away and in a few years, when your credit is rebuilt, you buy a different house.
The mortgage foreclosure system is what gives America one of the highest home-ownership rates in the world. Jason Lewis is entirely correct and Democrats attacking him are entirely wrong.
But I’m over my 2-second limit.
We’ve known for years; Democrats are going for the voters that only need two seconds of chanting points to be convinced.
And don’t laugh; their votes count just as much as yours do.