This post was written by Mandelman on Tuesday, December 8, 2009
BREAKING NEWS EXCLUSIVE: An amendment allowing judges to modify mortgages on primary residences for homeowners in bankruptcy will finally find a home as part of the Wall Street Reform and Consumer Protection Act (H.R. 4173).
The amendment, which is being offered by Representatives Conyers (D, MI), Turner (R, OH), Lofgren (D, CA), Marshall (D, GA), Cohen (D, TN), Miller (D, NC), Nadler (D, NY), Delahunt (D, MA) and Waters (D, CA), is potentially the best news homeowners and our economy have had in quite some time.
The amendment is essentially the same as H.R. 1106, a bill passed by the House on March 5, 2009, by a vote of 234-191, but subsequently defeated in the Senate by a vote of 51-45. The measure needed 60 votes to pass over Republican objections, and 12 Democrats succumbed to pressure from the banking lobby and voted nay.
Senator Richard Durbin (D-IL) first introduced a similar bill in 2007, and after making some key compromises in order to gain the support of Citigroup and others, brought it back in 2009 only to see it defeated by the banking lobby once again. Senator Durbin, speaking bitterly on his hometown’s radio station immediately following the defeat of H.R. 1106 said:
“It’s hard to believe in a time when we’re facing a banking crisis that many of the banks created – they are still the most powerful lobby on Capitol Hill. And frankly, they own the place.”
CONTINUE READING HERE: Mandleman Matters
CONGRESS WILL BE DEBATING THIS ON THURSDAY OF THIS WEEK…
THERE IS NO TIME TO SPARE. PRESIDENT OBAMA HAS TRIED TO GET THE BANKS TO VOLUNTEER. IT HASN’T WORKED. THERE IS ONLY ONE GROUP MORE POWERFUL THAN THE BANKING LOBBY… THE PEOPLE.
TAKE ACTION AND ENCOURAGE OTHERS TO DO THE SAME… NOW! WE SIMPLY CANNOT ALLOW THE BANKS TO WIN OUT OVER HOMEOWNERS AGAIN.