Temporary Sanity

For now anyway...until The One steps in;

Mortgage Bill Fails in Senate

By JESSICA HOLZER

WASHINGTON -- A measure to allow bankruptcy judges to rework the mortgages of strapped homeowners failed in the Senate on Thursday, clouding its chances of becoming law.

The defeat is a setback for the administration of President Barack Obama, which had championed the measure as a central plank of its plan to repair the housing market.

The measure, which was offered as an amendment to broader banking legislation, sank on a 51-to-45 vote due to opposition from Republicans and moderate Democrats.

The measure would allow bankruptcy judges to reduce the principal amount of mortgage loans for struggling borrowers -- a process dubbed "cramdown." Currently, mortgages on vacation properties, but not primary residences, can be reworked by bankruptcy judges

Comments

Post a Comment

Popular posts from this blog

Obama spokesperson confirms NY Post article

Well, it sure sounds like she did ; In the New York Post, conservative Iranian-born columnist Amir Taheri quoted Iraqi Foreign Minister Hoshyar Zebari as saying the Democrat made the demand when he visited Baghdad in July, while publicly demanding an early withdrawal. “He asked why we were not prepared to delay an agreement until after the US elections and the formation of a new administration in Washington,” Zebari said in an interview, according to Taheri. “However, as an Iraqi, I prefer to have a security agreement that regulates the activities of foreign troops, rather than keeping the matter open,” Zebari reportedly said. … Obama’s national security spokeswoman Wendy Morigi said Taheri’s article bore “as much resemblance to the truth as a McCain campaign commercial.” In fact, Obama had told the Iraqis that they should not rush through a “Strategic Framework Agreement” governing the future of US forces until after President George W. Bush leaves office, she said...
Read more