We were promised when the Democrats took over the White House and the Congress that a new era of transparency, honesty, openness was upon America. Not true.

The Democrats  are seemingly intent on destroying the financial system of America through  a variety of ill-considered steps. One is giving bankruptcy judges the ability to “cramdown” mortgages (allowing bankruptcy courts to unilaterally cut the value of mortgages held by financial companies, thereby damaging their balance sheets, capital ratios and ability, and willingness, to lend in the future).

That at least is reasonably visible and has led to opposition.

But when Democrats take steps that are all but invisible that could have hugely damaging consequences, they should be called on the carpet. This is especially true when provisions are slipped into bills that become law. Laws are very hard to overturn or to change and  by the time they can be altered, vast damage has often occurred.

The Democrats (which ones, one might ask) slipped into the House bill dealing with mortgages a sneaky, near invisible provision, that would allow failing borrowers the right to outright own a house for a fraction of the purchase price if the lender makes even minor errors in federal disclosure rules :

[T]he American Bankers Association on Friday raised alarms about a little-noticed part of the bill, saying it would let a borrower end up owning a house for a fraction of the purchase price if the lender breaches certain federal disclosure rules.

The industry said the House version of the bill would force judges to invalidate a lender's claim in bankruptcy for committing minor and accidental errors, such as understating a finance charge by as little as $36.

Wonderful. Small, innocent errors can lead to a homeowner-who may have decided not to meet his debt obligations-to own a home, free and clear of any debts.

Talk about winning a lottery.

So everyone else has to pay their mortgages responsibly but if someone can find an innocent error made by a bank employee-a typo, for example-they can win a house?

The Truth In Lending Laws are important laws and have helped protect  borrowers. They need to be strengthened.

How about a Truth in Legislating Law?