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Technology Stocks : Discuss Year 2000 Issues
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To: flatsville who wrote (6148)6/26/1999 7:52:00 PM
From: Ken Salaets  Read Replies (2) of 9818
 
Flatsville, the Hollings amendment would have created a scenario whereby everyone with a mortgage or almost any other debt could have claimed a Y2K-related inability to pay without having to provide any proof whatsoever. It would have enabled rampant fraud and probably brought the financial sector to its collective knees. It was poorly drafted and way, way too broad. I was amazed that it even got into the bill (apparently was tagged onto the Inhofe small business amendment), given the fact that it wasn't vetted with anyone. Other changes also found their way into the Senate version, most of which will be (may already have been) "corrected" by the conference.

Ken
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