Foreclosure bill defeated

[William769]

WASHINGTON: The Senate has defeated legislation that would have let hundreds of thousands of debt-ridden homeowners seek mortgage relief in bankruptcy court.

http://www.nbc-2.com/articles/readarticle.asp?articleid=28974&z=3

[G_j]

1. I don't get it

"President Barack Obama had said the bill was important to saving the economy and promised to push for its passage.
But facing stiff opposition from banks, Obama did little to lean on lawmakers who worried it might spike interest rates.

The bill would have allowed bankruptcy judges to rewrite a person's mortgage terms, if a bank refused to offer better terms based on income and home value.

Only 45 senators voted in favor of the bill, with 51 senators opposed."

:shrug: :wtf:

[William769]

2. Me either, thats why I posted the article to see what others had to say.

[rwheeler31]

3. Too many of our Senators are owned by the bankers.

[TheCoxwain]

4. This sucks big time....

[LakeSamish706]

5. Here we go again, like Senator Dick Durbin said yesterday in an interview...

the Senate is owned by the banks and this would bare that out.

[AndyA]

6. I hope the Senators who voted it down face an angry mob when they return home.

Perhaps lots of constituents with homes being foreclosed can confront the out of touch, corrupt politicians.

That ought to be good enough to cover a few news shows.

[MzNov]

7. Lobbyists worked harder than ever on this bill

and once again, lobbyists rule the country by owning the Congress. It's pukeifyingly disgusting.

ENOUGH.

[glinda]

13. with our money too

[EmeraldCityGrl]

8. How many facing foreclosure are aware their elected official

voted against their best interests? There should be a lot of pissed off people right now!

[OhioChick]

9. .......

:wtf:

[annabanana]

10. nevermind

(as if I didn't know)

[pscot]

11. Who were the Democrats

who voted this down?

[d_b]

15. ^^ what he said

[Zodiak]

18. Well, so far I know it was a DOZEN Dems

Two of which are Specter and Ben Nelson

http://www.etaiwannews.com/etn/news_content.php?id=936096&lang=eng_news

I'm looking for more, but you know who it is going to be right? The same conservadems that are making their political career out of defying the President from their own party! Nevermind that these same assholes sucked up to Bush at every fucking opportunity. If we do not tame these DLC assholes, we are not going to get out of this mess we find ourselves in.

And don't tell me the American people do not want mortgage relief or people in conservative areas don't want it....that is the biggest crock. This is sucking up to the banks and their K-street lobbyists, pure and simple. And it ought to sit as the shit-stain it is for all to see.

Here are the offenders:

Baucus (DLC)
Bennett
Byrd
Carper (DLC)
Dorgan
Johnson (DLC)
Landrieu (DLC)
Lincoln (DLC)
Nelson, Ben (DLC)
Pryor (DLC)
Tester
Specter

[SammyWinstonJack]

22. Nice too know that they really couldn't give a rat'$ a$$ about their constituents or any of us,

really. x( More worried about on which side their bread is buttered, as usual.

[regnaD kciN]

12. Remember, the 2005 Bankruptcy Bill...

...was brought to you by such stalwart Dems as our current VP. :grr:

[G_j]

16. yup

[closeupready]

24. Got that right. I'll never forgive Biden for that.

n/t

[SoCalDem]

14. Well well...isn't that special?

:puke:

Had our legislators been on OUR side, they would have used the TARP money a lot differently..

a voucher to home-buyers...used to catch-up or pay their mortgages to their lenders/banks... the banks would then have "redeemed" them from the government..

The lenders would still have gotten the money, but in the process, the homebuyers would have also gotten relief, could have stayed in their homes (maybe), and the help they received would have mitigated the "loss in value" of their homes, in the process too..

There would have had to have been parameters..like owner-occupied homes only.. maybe with an upper loan limit of 400K..(over that, on a case by case basis, perhaps)....

[endarkenment]

17. You see, we cannot allow this sort of MORAL HAZARD.

It would be wrong to not allow the invisible hand of the market to take its course here. Were home owners to be in any way insulated from the risk of home ownership, that would create an unfair situation in which the risk insulated home owners would run roughshod over all those mortgage institutions that lent them their money in good faith.

I only wish this were :sarcasm:

[datasuspect]

21. yeah, and why should i pay for mortgage deadbeats?

yeah, right

[progressoid]

19. Good thing we have a majority!

Now we can get some progressive legislation passed! :eyes:

[SammyWinstonJack]

23. We'll get passed which ever 'progressive' legislation corporate lobbyists want passed.

And nothing more.

[datasuspect]

20. senators won't bite the hand that feeds them

[closeupready]

25. It's supposed to be the taxpayer that is feeding them. They are crooks, taking cash

and donations from these lobbyists. Den of freaking thieves! :mad: