"Welcome to Zimbabwe" -- Government regulation out of control
On Wednesday, President Obama signed the "Helping Families Save their Homes Act of 2009," giving banks and other servicers legal immunity from lawsuits alleging that they broke contracts with securities owners like Frey.
For his part, Frey sees that as an unconstitutional abrogation of his contractual rights.
"The U.S. government is now putting a bounty on renegotiating loans and providing [servicers] safe harbor protection from lawsuits -- basically, telling servicers to ignore their contracts.
"If you can't tell me that's disturbing," he said, "welcome to Zimbabwe."