Throw the Bums Out — All of Them
Senate Millionaires Kill Mortgage Assistance for Citizens

by Michael Collins / May 1st, 2009 (0)

The United States Senate took a swipe at the spirit of May Day in a spectacular show of callous indifference when it voted down a bill to provide limited assistance to citizens at risk for losing their homes. The final vote was 45 in favor, 51 opposed to Senator Richard Durbin’s (D-IL) mortgage assistance bill. The original version of the bill covered some but not all of those requiring assistance. The final version was even more restricted. It applied to only homeowners currently in foreclosure as a result of actions prior to the start of …

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BERNIE HORN
Banksters Win One, Lose One in Congress Yesterday, the U.S. House of Representatives handed bankers in the credit card industry a defeat. But almost simultaneously, mortgage bankers won big in the Senate. Senator Richard Durbin lamented that the banks "are still the most powerful lobby on Capitol Hill.

Congress Stiffs Troubled Mortgage Holders
By Ken SilversteinWith swine flu, the retirement of David Souter, and the bankruptcy of Chrysler, the media didn’t devote much space to the Senate screwing nearly two million mortgage holders yesterday. The Washington Post offered only a business brief about it in today’s paper:

Legislation that would have allowed bankruptcy judges to modify mortgages died in the Senate yesterday, handing the Obama administration a significant defeat in its plans to mitigate the foreclosure crisis.

Supporters argued that the measure would have kept 1.7 million borrowers in their homes. It foundered in the face of fierce opposition from the financial industry and Republicans. The legislation, offered as an amendment to a broader housing bill, failed by a vote of 45 to 51.

The measure would have allowed bankruptcy judges to modify troubled mortgages, lowering the interest rate or principal balance through a process known as a cramdown.

Senate Majority Whip Richard J. Durbin (D-Ill.) had negotiated with Bank of America, J.P. Morgan Chase and Wells Fargo for weeks, hoping their support would bridge the gap. However, even after the proposal was weakened significantly, the financial services industry refused to support it.

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<h1>In Their Own Words: Why Dem Senators Screwed Homeowners </h1> <h1> </h1>

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This is what we get from the Blue Dog Dem SOB's...

We are looking for an Independent to run against Blanche Lincoln next time around who believes in a humanitarian
constitutional democratic republic form of government and is not beholding to the big money interest...

I agree r it's time for these Blue Dogs to go.