Bankruptcy and Foreclosure Attorneys Say Herman Cain Needs to Take his Own Advice

Herman Cain is the latest entrant into the GOP candidacy race whose message has been gaining steam. His fiery speech has ensured that he is amongst the top three contestants for the Republican Presidential nomination and many people are voting for him and cheering for his ideas and financial logic. He knows how to bring jobs back to America and how to jumpstart a broken economy. 

The Federal Government’s Tentacles Reach too Far

Herman Cain advised the whole country to “reread the constitution” if they hoped to not have their rights taken from them. Some foreclosure attorneys agree that Cain needs to do a bit of rereading himself. In his radio show, Cain went in to say that as far the national foreclosure freeze went, the U.S. federal government had no jurisdiction when it came to bankruptcy law. Cain has a good point considering the federal government was largely responsible for inciting this foreclosure mess. 

Foreclosure attorneys and bankruptcy lawyers attest that the exact opposite is true. Article I of the constitution proves Cain wrong and he would be better off rereading it before making sweeping and factually incorrect statements like these. Does the constitution allow the U.S. government to hand out home loans from an insolvent entity like Fannie Mae? No it does not and this is possibly what Cain was referring to. 

Cain is Riding High

While Cain insists that the states need to create bankruptcy and foreclosure laws, foreclosure attorneys insist that as per the constitution the congress has the right to create “uniform” laws pertaining to foreclosure and bankruptcy which negates the contention that states can create their own separate laws. This is debatable. Cain is still in the top 3 list of candidates, along with Rick Perry and Mitt Romney, though the statistics are fast getting skewed to his advantage. Many people are OK with that.