Mortgage bankruptcy bill fails in the Senate

Source: MSNBC.com

Mortgage bankruptcy bill fails in the Senate
Obama said move to allow judges to rewrite terms important to economy


updated 23 minutes ago

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

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.


Read more: http://www.msnbc.msn.com/id/30503750/

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As Dick Durbin said, "Banks own this place".

On edit: Minor brain fart.

...and has Obama "leaned" on anyone yet over anything?

And until he does, he is merely Mr. Obama to me. As for the Democrats who opposed this they are merely stating to the rest of us who they represent. And who they represent is not us. They are echoing the sentiment of Kay Bailout Hutchison who believes we have an obligation to Wall Street but not to Main Street. It's not even a matter of "let them eat cake" but a matter of handing the bakery to Wall Street and letting everyone else scoop up whatever crumbs they can from the cake.

The Senate has ensured that millions will lose their homes. And when the banks are hit with more debt, well, the Senate, along with the House, will of course "loan" the banks more money. Money from the homeowners who have lost their homes along with money from everyone else who pays taxes. They will raise the taxes some more. And with sleight-of-hand of course raise the taxes most on the middle-class which for some reason they want to completely destroy in this country.

You summed up what's going on perfectly. :thumbsup:

It's time for pitchforks, if only the masses were paying attention. :argh:

the bankers-owned $enator$ who just told the docile homeowners to go eat cake

Arlen Specter (PA) so much for party loyality


Max Baucus (MT)
Michael Bennett (CO)
Robert Byrd (WV)
Thomas Carper (DE)
Byron Dorgan (ND)
Tim Johnson (SD)
Mary Landrieu (LA)
Blanche Lincoln (AR)
Ben Nelson (NE)
Mark Pryor (AR)




a shame all will be forgiven and forgotten come reelection time.


Ted Kennedy and Jay Rockefeller missed the vote.

It was interesting to note the leading member of the 'usual suspects', Bayh, voted right on this matter.

At this point, we have sufficient numbers that the 'I'm in a conservative district and might lose my seat!' argument cuts no ice with me at all: stand to it and if you go down, well, the lecture circuit awaits....

Banks DO own Congress. We must deal with this, too many abusive, anti-consumer laws have been passed.

Ah, to have a "party of the people" in power!

Voters?

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

One laugh for all 50 states.

Surely, we all know they were voting for unfettered Big Bidness, since they were voting for "change" - and it's not like Bid Bidness had been running our Country for years, was it? So they wanted MORE unfettered Free-Marketeerism and Up-by-Your-Own Bootstrap-ism when they cast those votes, right?

on edit - I'm sure Schumer's Bankster Buds gave him permission to vote "yea" as long as he knew it would fail.

S.Amdt. 1014 to S. 896 (Helping Families Save Their Homes Act of 2009)

YEAs ---45
Akaka (D-HI)
Bayh (D-IN)
Begich (D-AK)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cantwell (D-WA)
Cardin (D-MD)
Casey (D-PA)
Conrad (D-ND)
Dodd (D-CT)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)



NAYs ---51
Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)
Bennet (D-CO)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Byrd (D-WV)
Carper (D-DE)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Dorgan (D-ND)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Johnson (D-SD)
Kyl (R-AZ)
Landrieu (D-LA)
Lincoln (D-AR)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Shelby (R-AL)
Snowe (R-ME)
Specter (D-PA)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

Even Evan Bayh voted YEA for this! And it still died?

Not one R for the yeas

Baucus (D-MT)
Bennet (D-CO)
Byrd (D-WV)
Carper (D-DE)
Dorgan (D-ND)
Johnson (D-SD)
Landrieu (D-LA)
Lincoln (D-AR)
Nelson (D-NE)
Pryor (D-AR)
Specter (D-PA)
Tester (D-MT)

I thought he was a bit more populist than that.

Crooked and corrupt to the core. They need to go. All of them. Enough is enough!

n/t

Sixty Democrats does not equal sixty votes, as long as we have a bunch of high lieberdems hijacking the party.

since Joementum voted with those favoring this bit of justice.

Because even quid-pro-Joe didn't vote for this slap in the face against the non-monied class. I suspected he did it because there was enough Lieberdems, turncoats and the newly minted fake Democrat to torpedoe that amendment anyways, so he was given a green light.

We organized, worked, sent money etc. to get

a black Democratic president
a wide majority in Congress
60 Senators so even a filibuster can't get through

And what happens? The Democratic party lets the same banks, which we are bailing out with our tax dollars, screw over the millions of workers and homeowners in this country for the benefit of the small, small handful of ultra-wealthy heirs who own the majority number of shares in these banks.

People come on DU and are disgusted with this or that. We finally supposedly have everything needed to get moving as a country but what happens is the Democratic Party shows its true face.

And people got banned from DU for talking about Nader.

This is what the Democratic Party is. When we lose the next election to the white working class Nascar swing voter, he is going to point to this as and other disgusting things and say the Democratic Party is a George Soros financed machine that does things like this and it does.

I don't want to hear any excuses about this. We get all the things I mentioned above (60 Senators etc.) and the Democratic Leadership still hands us garbage like this.

And the Democratic leadership will put up a fight. They will fight like hell when an election is between a Green and Democrat. They will spend a ton of money, these corporate lackies, these slaves of the rich heirs, the Democratic leadership. They will fly out Bill Clinton and all the Democratic big names like they did in the San Francisco mayors race. They won't fight Republicans like this because they are puppets of George Soros and the big bankers. IF THEY WEREN'T, 11 DEMOCRATIC SENATORS WOULD NOT HAVE VOTED FOR THIS DISGUSTING BILL!

So read over all those old threads about Nader, the Greens and people calling Nader names and wake up the reality we were served today. I have complete contempt for the leadership of the Democratic Party today. And I am proud of all of the times I voted Green, Nader etc.

I voted for Nader in 2000 and 2004, and voted for Obama in 2008. Things like this, and the Democrats fighting harder against Nader and the Greens than garbage like this which they SUPPORT like they SUPPORTED IT TODAY are what does it.

I am completely disgusted with the Democratic Leadership! Today I feel kinship with all those voters who voted in 2000 for Nader. If this is the GARBAGE the Democrats are going to give us, I'd almost rather have Bush back as president. Well, OK, that's not true. That is going too far! But at least we could blame the Republicans and conservatives when things like this happen. We need a third party! Go Greens! Go Nader!

to 80 Senators! then we can pass legislation! and remember, participating in a democracy is a threat to that democracy!
this is the same damn servility in 80s Honduras or Imperial Brazil

Neither is Landrieu. No matter what she says.

by corporations in order to ensure that the votes of the majority of Americans are ineffective when these votes are in opposition to the wishes and desires of the ruling oligarchy.

"The global power of the financial centers is so great, that they can afford not to worry about the political tendency of those who hold power in a nation, if the economic program (in other words, the role that nation has in the global economic megaprogram) remains unaltered. The financial disciplines impose themselves upon the different colors of the world political spectrum in regards to the government of any nation. The great world power can tolerate a leftist government in any part of the world, as long as the government does not take measures that go against the needs of the world financial centers. But in no way will it tolerate that an alternative economic, political and social organization consolidate. For the megapolitics, the national politics are dwarfed and submit to the dictates of the financial centers. . ."

http://flag.blackened.net/revolt/mexico/ezln/1997/jigsaw.html

He voted for it. At least he is "independent" on some things.

LOL

A sphincter is a structure, usually a circular muscle, that normally maintains constriction of a natural body passage or orifice and which relaxes as required by normal physiological functioning. There are over 40 different sphincters in the human body; some of these sphincters are microscopic in size.


http://en.wikipedia.org/wiki/Sphincter

AND THEN THERE'S THIS JEWEL

Sphincters prove effective in the mediation of the entrance or release of liquids and fluids; this is evident in the blowholes of numerous marine mammals, for example. and also certain elected officials

Damn it all! :mad:

It's cheaper than winning an election... From a Cost/Benefits perspective.

Even a small one? :shrug:

So, it must be. ;)

:D

because it will never happen to them

if you have MORE than one home and you have problems with one of the mortgages, then you can get help with the other one(s). so all the little people have to do is own several homes, not just one. there, problem solved.

why the hell did Dorgan and Tester vote against this bill?

Well, Durbin is right. They're owned.

What's the matter with those Dems who voted no?? Are they that much out of touch with reality, or does the banking lobby have them by the short hairs?

ANY D! All that matters is a Dem majority. Never speak against a party member!"

Well, this is where that attitude leads.

(Not that these seats were all up for grabs in '08 -- just that in the long term, you need good people. A letter isn't enough)

The Democratic "brand" has lost its meaning. The once great party of FDR is dead and gone. All the old paradigms no longer apply. Now that the Republican "brand" has been close to destroyed, the Democratic Party is only too eager to pick up the mantle as the servant of Wall Street and big business. The people are irrelevant in this game. There are no lofty principles guiding these politicians.

I propose a new Democratic Party motto: The Democratic Party... Better Than The Alternative, But Not A Penny More

take a look at where Democrates came from in the 1930s. A big part of the Democratic party at that time came from the states of the old Confederacy.
Jim Crow reigned supreme down there. They did support the New Deal, but the political price for FDR was not to tamper with the odd social and legal
arrangements in the South. Every political victory comes at a price. Hands off Jim Crow was the price that FDR had to pay to the Democratic party in the South.

Wake up people -- stop voting by celebrity

:sarcasm:

I was cringing as I clicked on the roll call link but both WA senators voted YEA to my relief.

The banks always keep a few taken spare senators in reserve, it gives them cover, hell I bet they have a rotation in the bank of america files somewhere

You better believe someone has a rotation list somewhere. Probably even someone to write plausible excuses for those who unfortunately happen to land at the top of the list for a given piece of disgusting legislation.

Yea I am concerned that my Chase, Capitol One, Discover cards jumped to 15.99%. I paid off them fuck wads and now those cards are auto pay assigned to paying utility bills.

supposed "D" from Colorado... voted against...M.F.!!! I was worried about that carpet bagging SOB... now I know. ~never elected SOB~

I sent him a note...

Why did you vote against S.Amdt. 1014 to S. 896 (Helping Families Save Their Homes Act of 2009) To prevent mortgage foreclosures and preserve home values.
why Why why??? have you been bought off by the mortgage company's already???

I was Holding a positive Opinion of you based upon your service here at the DPS...
Now I can not believe how you call your self a Democrat.
Do you not care that not just the parents of your formal pupils may loose their homes but multitudes more will.
I am saddened and appalled by your vote today.
I sincerely hope you have a clearer head when and if Health care legislation comes around.
Fr

and a windfall to the "investor" who
picks it up for 10% of the mortgage
price when it forecloses.

:party:

:sarcasm:

I have seen no reporting even on the internet of Obama's support for this important legislation.

were in charge they could get by with 51? And Bayh is owned by the banking industry; what a good chance to slip in a little subterfuge on a bill he knew would not pass.

We couldn't even get THAT much...we were still six votes short.

Source: Yahoo Finance

WASHINGTON (AP) -- The Democratic-controlled Senate on Thursday defeated a plan to spare hundreds of thousands of homeowners from foreclosure through bankruptcy, a bill President Barack Obama embraced but did little to see it through.

A dozen Democrats joined Republicans in the 45-51 vote to scuttle the bill, which Obama had said was important to saving the economy and promised to push through Congress. But facing stiff opposition from banks, Obama did little to pressure lawmakers who worried it would encourage bankruptcy filings and spike interest rates. .......

In February, the newly inaugurated president included the proposal as the stick in a housing plan full of carrots for the banking industry. The following month, the House passed the bankruptcy legislation along party lines in a 234-191 vote.

But the bankruptcy option got only a tepid endorsement from Treasury Secretary Timothy Geithner. As debate on the measure brewed, Geithner was pushing for the creation of a government-sponsored program that would rely on private investors to buy the risky mortgage-backed securities weighing down the market.


Read more: http://finance.yahoo.com/news/Senate-defeats-Obamabacked-apf-15093587.html?.v=7

Officious little....

Forget all the talk, it's still the same take care of the bankers and let the ordinary people suffer as usual.

bastards.

how important this is and stated so during the campaign.he also has a long working relationship with Durbin...and when this was ripped out of the stimulus package..Obama said that it would be attached to another bill...and so it was..only to be defeated..my instinct tells me that Obama knows that millions more Americans cant lose their homes...this is a contradiction to everything he's done so far..I KNOW HE KNOWS....just dont understand why this has been given so little attention from him..nothing in the recent speeches that I can recall..this is a KEY to stabilizing the economy...just dont get the lack of attention....Why?

I hate this shit. There are good democrats out there which gives me hope.

n/t

Some quotes:

"The banks that are too big to fail are saying that 8 million Americans facing foreclosure are too little to count in this economy," said Senate Majority Whip Dick Durbin"

"Do I want to have my rate go up so that somebody else might be able to cram down their mortgage payment?" asked Sen. Ben Nelson, D-Neb., who voted against the bill.

He might have to come down on the qualifications some. The latest proposal would have restricted eligibility to homeowners already in foreclosure whose lender had not offered them better terms. Homes would also have to be worth less than $729,000 and apply to mortgage loans originated before 2009. 729K seems a bit high but then when you've lost your job it doesn't matter.

This bill would have given average citizens some of the same rights that millionaires have when THEY file for bankruptcy. Fuck all you assholes who voted against it.:mad: And FUCK YOU Geithner.

The little people pay taxes and are toooo small to bailout

may own the senate..the house passed it

YEAs ---45
Akaka (D-HI)
Bayh (D-IN)
Begich (D-AK)
Bingaman (D-NM)
Boxer (D-CA)
Brown (D-OH)
Burris (D-IL)
Cantwell (D-WA)
Cardin (D-MD)
Casey (D-PA)
Conrad (D-ND)
Dodd (D-CT)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Gillibrand (D-NY)
Hagan (D-NC)
Harkin (D-IA)
Inouye (D-HI)
Kaufman (D-DE)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Lieberman (ID-CT)
McCaskill (D-MO)
Menendez (D-NJ)
Merkley (D-OR)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Sanders (I-VT)
Schumer (D-NY)
Shaheen (D-NH)
Stabenow (D-MI)
Udall (D-CO)
Udall (D-NM)
Warner (D-VA)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)


NAYs ---51
Alexander (R-TN)
Barrasso (R-WY)
Baucus (D-MT)
Bennet (D-CO)
Bennett (R-UT)
Bond (R-MO)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Byrd (D-WV)
Carper (D-DE)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Crapo (R-ID)
DeMint (R-SC)
Dorgan (D-ND)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johanns (R-NE)
Johnson (D-SD)
Kyl (R-AZ)
Landrieu (D-LA)
Lincoln (D-AR)
Lugar (R-IN)
Martinez (R-FL)
McCain (R-AZ)
McConnell (R-KY)
Murkowski (R-AK)
Nelson (D-NE)
Pryor (D-AR)
Risch (R-ID)
Roberts (R-KS)
Shelby (R-AL)
Snowe (R-ME)
Specter (D-PA)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Wicker (R-MS)

Every morning a senator wakes up, the first thing they think is " I must raise $20,000 today or I wont get re-elected". And in order to do that under this fucked up system we have, they must take money from lobbyist. Change our system and the problem goes away for the most part.

The system isn't perfect, but I wouldn't blame it in instances where the real problem is the character flaws of its members.

they covered their asses

:grr:

...a disease whose symptoms include shoveling taxpayer dollars into the troughs of the biggest porkers, while simultaneously stopping all efforts to control them as they trample the American people.

:nuke:

They did their thing. Now lets do ours.

Where are the men and women who will stand up to the financiers and do the right thing?

nt

The answer is a www.saveoureconomy.com. It is a common sense stimulus plan that will quickly help debt-ridden homeowners, as well as the economy as a whole! And to address questions about how renters would benefit from a mortgage holiday, most renters, will get relief if their Landlord Opts into the Plan as most will. Also, the banks will be saved by this Plan because they receive a guaranteed 6% interest payment on all of their debt instead of massive defaults, foreclosures, & delinquincies. The mortgage lenders will have a booming business and many jobs created in the process, since it is mostly about creating JOBS!