Banking lobby successfully defeats mortgage cram-down provision.
Banking lobby successfully defeats mortgage cram-down provision.
Today, a proposal to change bankruptcy law and allow bankruptcy judges to cram-down mortgage payments for troubled homeowners failed in the Senate by a vote of 45-51. The provision, which was introduced as an amendment by Sen. Dick Durbin (D-IL), required 60 votes to pass. In recent weeks, support for the measure evaporated in the face of furious lobbying by the banking and mortgage industries. Prior to the vote, Durbin — who this week said that bankers “are still the most powerful lobby on Capitol Hill” — took to the floor to decry the banking industry’s influence in the cram-down debate:
At some point the senators in this chamber will decide the bankers shouldn’t write the agenda for the United States Senate. At some point the people in this chamber will decide the people we represent are not the folks working in the big banks, but the folks struggling to make a living and struggling to keep a decent home.
Watch it:
The American News Project noted that the Mortgage Bankers Association was “in a celebratory mood” at its annual meeting this week because “a massive lobbying campaign” against cram-down appeared to be working.
Topic Cloud
ArchivesBlog Roll
See the article by Glenn Greenwald in today’s stories at
April 30th, 2009 at 3:52 pmhttp://www.commondreams.org to back this thread up
Wow, The things that go on behind closed doors. Sometimes it seems like a losing battle…
April 30th, 2009 at 3:54 pmOur money is used as a life line to financial institutes, then they kick us off the boat.
I hope Durbin is a strait shooter. Maybe he can get a couple powerful senators and get that submitted again and maybe passed.
Specter voted AGAINST it.
April 30th, 2009 at 3:58 pmReally President Obama, you’re going to throw your support to a guy who votes against the will of your constituents. You better think about that.
April 30th, 2009 at 3:59 pmThe time has come for REALISTIC campaign finance reforms!
April 30th, 2009 at 4:02 pmIf we don’t push for it NOW…….then when?
Banking lobby successfully defeats mortgage cram-down provision.
– - It figures after tea-bagging we’d have a cram-down issue.
April 30th, 2009 at 4:02 pmDoodlebug Shayne Says:
Specter voted AGAINST it.
There’s going to be an uprising here in Pennsylvania if Specter is the endorsed candidate in next year’s primary!
It doesn’t matter what letter appears after his name, it’s his voting record that will count.
I hate to agree with Rush and Steele but they’re right. Specter is a whore who will do anything to further his political ambitions.
PEACE
April 30th, 2009 at 4:05 pmObama said he was going to go after the lobbyists. Should this be counted as a failure for Obama against the lobbyists?
It sucks to live in a country where the banks control the government more than the people do.
April 30th, 2009 at 4:07 pmAre the bankers the biggest criminals in America? Discuss, please.
April 30th, 2009 at 4:08 pmAs I said before and many before me, the congress does not work for us. They work for the powerful and the corporations. And let us remember that.
It does not matter how unfair the law is. It does not matter that they in the industry itself wrote the law. It does not matter how much we, out here have been hurt by the very banks we have bailed out. They took our money for the bailout. And now they are getting more from us. They are getting it because they are owned.
They are predatory lenders. They charge what in other times would be called usury fees. They have taken more with their written law, then any armed robber with a gun. And they do it with impunity. We have been screwed twice by these criminals. And again, let us not forget how the congress enabled them.
They and the congress are beneath contempt.
April 30th, 2009 at 4:08 pmYay! Another win for American.,…er….bankers?
:\
They’re the good guys, right?
April 30th, 2009 at 4:08 pmHere’s the answer to why the Obama administration’s policies, especially Treasury Sec. Geithner and economic adviser Summers, are shoveling TRILLIONS of dollars to their wealthy, powerful and well connected Wall Street friends and associates instead of nationalizing failed banks.
April 30th, 2009 at 4:08 pmWow. Methinks some congressional heads need to roll… apparently these guys have yet to realize that grassroots donations can swamp D’s in a primary challenge as easily as R’s in a general.
April 30th, 2009 at 4:09 pmSpecter does not deserve to be the democratic representative for Pennsylvania. If Specter wants to join the Democratic Party, he should spend a few years in the trenches doing fund raising for a progressive Democrat. I don’t want another DINO in the Senate.
April 30th, 2009 at 4:10 pmShakespeare was right. First, kill all the bankers.
Okay, he was just close.
PEACE
April 30th, 2009 at 4:12 pmTo make this work we need to see who got bought out by the bank lobby. Watch as credit card rates skyrocket and no change to the bankruptcy rules for the people who run up huge medical bills because they can’t afford COBRA payments. The mistake is seeing the last election as an affirmation of the Democratic Party. The electorate wants change and Durbin is correct to warn his fellow Senators those who comfort the comfortable will pay. I think the Dems look chickenshit when it comes to Wall Street. Public Financing Now!!!
April 30th, 2009 at 4:12 pmPresident Obama is already pissed at the banking types because of their failure to negotiate with Chrysler. Hopefully this will inspire him further.
April 30th, 2009 at 4:13 pmFor all you neocon Chris Dodd bashers, he voted FOR the bill.
April 30th, 2009 at 4:13 pmIf we had 100% public financing of our election campaigns, we would not be suffering endlessly at the hands of criminal corporations, such as banks, mortgage lenders and war manufacturers. We could do as they do in Australia and have a very short campaign with TV debates publicly funded. No need for hundreds of millions of dollars to be raised and spent in our vain attempts to buy back our democracy from these corporate ruling class pigs…
April 30th, 2009 at 4:14 pmMaybe we should consider legalizing waterboarding for lobbyists and bankers.
April 30th, 2009 at 4:14 pmThere is no reason that they even have to run a sustainable business.
April 30th, 2009 at 4:15 pmThey at this point appear to be able to do whatever in the hell they want to do, they can’t go broke, the government will just keep handing them money. They are in a can’t lose situation.
Great. The housing market was pushed up by speculators, and supported by fog-a-mirror type loans. It all come crashing down below prices seen in 2003 and the poor American worker now has to suck it up. Most can’t sell and get out with dignity so foreclosure is the only option. So much for strengthening the middle class. Credit scores are going to drop, people won’t be able to get loans and when they do, rates are going to suck.
But, but, but the poooooor banks! What about theeeeeeem? They won’t get their f’in bonuses! Oh my! What a shame!
Thanks fcuking congress, thanks. This burns me up!
April 30th, 2009 at 4:16 pmI assume most of the Republicans votes against this, but they are verging on irrelevant. I am more interested in which of the Democrats voted against this. Time for some changes come next primary season.
April 30th, 2009 at 4:18 pmBlue dog Corporacrats swung the vote. Guess who’s undergoing bankruptcy with a cram down?
Obama Says Chrysler Getting ‘New Lease on Life’
http://www.bloomberg.com/apps/news?pid=20601070&sid=aEijL5Nqod3k&refer=home
Corporation gets new lease on life via major cram down, individual homeowners get nothing.
Populist rhetoric, corporatist implementation.
April 30th, 2009 at 4:22 pmGood note on Specter, Shayne.
I have this gem of a quote from Specter:
“If we lose my seat they have 60 Democrats, they will pass card check, you will have the Obama tax increases, they will carry out his big spending plans. So the 41st Republican, whose name is Arlen Specter, is vital to stopping tax increases, passage of card check and the Obama big spending plans.”
Specter will insult the democratic party like never before if a term in their name. He’s not bothering to adjust himself one iota for potential voters next fall, and Penn. voters I trust will put the values of the democratic party over his enhanced seniority scheme. He would be the chief obstructionist from within.
April 30th, 2009 at 4:23 pmThank you linkwray @ 16:
Public financed elections are the only way to fix this mess. People can still lobby but not with CASH! I’m reading a book by Jack E. Lohman call “Politicians: Owned and Operated By Corporate America.” I suggest everyone get this from their local library and read it.
Moneyed politicians are the root of our problems today. At least with the D’s, the labor unions “own” them. But that still doesn’t help us in all situations (this one is a prime example).
April 30th, 2009 at 4:24 pmcorrection: if he is granted a term in their name
April 30th, 2009 at 4:26 pmAs senator Durbin said yesterday, the banks own the US senate. We are no longer being represented by our elected officials so why do we continue to enable them by paying taxes?
April 30th, 2009 at 4:26 pmAny politician who voted against the cram-down should be voted out of office!
April 30th, 2009 at 4:27 pmThank you Oval12345678 @ 19!
See my post @ 26!
Public financed elections!
These are the types of “tea parties” we need to be doing!
April 30th, 2009 at 4:28 pmUncle Fester, if you don’t pay your taxes, you go to prison. Are you suggesting everyone stop paying taxes to overwhelm the prison system?
April 30th, 2009 at 4:29 pmstateofthedivision Says:
Blue dog Corporacrats swung the vote. Guess who’s undergoing
YOU ARE WRONG. It was the bankers refusing to negotiate with Chrysler that have driven it to bankruptcy. That’s why Obama is angry with the bankers already today. TROLL.
April 30th, 2009 at 4:33 pmOh and stateofthedivision, this is from YOUR link:
April 30th, 2009 at 4:36 pm
Jefferson spoke out that when the government is no longer represented by We the People then it is time and the right of We the People to rise up and reestablish a more representative form of government. I wonder if that time is near? If Corporations and Banks are actually running the country. There is one way to respond. Stop all buying, trading, lending. Make no large purchases and only pay what you absolutely have to pay for. No extras of any kind if all did this for a month and sent emails to all their Banks and Corporations that they are affiliated with as well as their Representatives, all would take notice fast. The economy is too fragile to withstand this type of protest for long. If we do nothing then we deserve what we are getting.
April 30th, 2009 at 4:40 pmUnbelievable that Chrysler’s creditors were holding out of negotiations in hopes of a taxpayer bailout.
April 30th, 2009 at 4:41 pmAt some point?!?! If not now, when? Pathetic.
April 30th, 2009 at 4:41 pmDoodlebug Shayne Says:
Specter voted AGAINST it.
April 30th, 2009 at 3:58 pm
Of course he did.
Specter is only a Democrat for re-election purposes — and I hope there will be a strong Dem running against him in the primary.
April 30th, 2009 at 4:44 pmObama said everyone would get a seat at the table. Now it looks like not only are bankers deciding who gets a seat they are at the White House telling Obama whats on the menu and that Michelle and the kids have to eat in the servants quarters. As far as Specter goes it was easy to see this sellout sob. He there to muddy the waters and support Biden who voted with the bankers on the changes to the 2005 bankruptcy law. The world will not wait while these guys decide how much money they’ll need in the next election cycle.
April 30th, 2009 at 4:47 pmYessssss, yesss, we musssst appeassse the bankersssss….
April 30th, 2009 at 4:51 pmThis SUCKS. If the phucking lobbyist bankstas won’t ‘allow’ our own congress to help us [we the people], then who will help us or at least stand in our corner? I am sick to death of the lobbyists ALWAYS WINNING on the important and vital issues. Why have these bankstas been given our money only to turn around and tell us that they won’t work to help us? Is there is nothing we can do about it? I want my taxpayer dollars back because they are never going to help any of us! I want to see what Obama has to say about this shyte.
April 30th, 2009 at 4:53 pmReid-Lieberman-Specter….the three lethal stooges!
April 30th, 2009 at 4:54 pmEveryone needs to find out how their Senator voted and if s/he voted against this bill, then let them know what you think about their vote.
Does anyone know where we can get a list of who voted how? I suspect it was the blue dogs that defeated this bill.
April 30th, 2009 at 4:56 pmI just received a new policy notice from my credit card company and it read that the old rate of 9.79% was now going to be raised to 12.99% DAILY. This tells me that Obama’s talk with these b@stard bankstas meant nothing to them and they will continue to do as they damn well please. It’s time to nationalize all these banks and have the feds make new policies.
April 30th, 2009 at 4:57 pmI can stand it to some extent, such as appointments. People experienced in how the financial industry works are going to come from Wall Street. Fine. But there’s a GODDAMN limit to how much the villians in this scenario get to prescribe the medicine for it. And they just pole-vaulted over it.
I’d totally be willing to wave a teabag around over this. Or maybe even do something that matters.
April 30th, 2009 at 5:00 pmholy mixed metaphors batman!
:P
April 30th, 2009 at 5:02 pmI do not care if these senators are democrat or republcan, they should be targeted for defeat in their next re-election.
April 30th, 2009 at 5:04 pmyikes.
what the hell kinda name is “cram-down”…???
how can that be good?
jeez.
April 30th, 2009 at 5:30 pmApril 30th, 2009 at 5:45 pm
RayS @ 34: There is one way to respond. Stop all buying, trading, lending. Make no large purchases and only pay what you absolutely have to pay for. No extras of any kind if all did this for a month and sent emails to all their Banks and Corporations that they are affiliated with as well as their Representatives, all would take notice fast. The economy is too fragile to withstand this type of protest for long. If we do nothing then we deserve what we are getting.
In the past, I would agree but, boycotting won’t help in this situation. We need to stop these corporations from funding our politicians. See my posts above.
April 30th, 2009 at 5:45 pmApril 30th, 2009 at 5:47 pm
The merging of business and government…
What does that lead too?
April 30th, 2009 at 5:48 pmWe’ll see how many of those Senators are still around after 2010 – including Specter.
April 30th, 2009 at 5:51 pmPost #42
Follow the money here:
Lobbyists
April 30th, 2009 at 5:51 pmWhat did you expect?? Paulson who (a former banker and ex-US Treasurer) wrote and legislated into law; the TARP Bill “a how to manual for bankers to steal tax payers dollars?” This is a case where “lobbying” is used in a bad way. That’s why these same “lobbyheisters” lobbyed Bush for him to become than US Treasurer.
That’s why they lobbyed so hard for Bush to change the consumer bankruptcy laws which was a green light for the bankers to run “lawless.”
Durbin’s 100% correct.
April 30th, 2009 at 5:52 pmOval12345678 aka James K. Sayre Says:
If we had 100% public financing of our election campaigns, we would not be suffering endlessly at the hands of criminal corporations, such as banks, mortgage lenders and war manufacturers. We could do as they do in Australia and have a very short campaign with TV debates publicly funded. No need for hundreds of millions of dollars to be raised and spent in our vain attempts to buy back our democracy from these corporate ruling class pigs…
April 30th, 2009 at 4:14 pm
In fact is a system pretty common in democracies around the world, specially in Europe. The fact is, private lobbying is considered (and has been for many centuries) as bribery.
April 30th, 2009 at 5:55 pmJudicial Power on Mortgages Is Rejected in a Senate Vote
April 30th, 2009 at 5:57 pmNew York Times – ?18 minutes ago?
By STEPHEN LABATON WASHINGTON – The Senate handed a victory to the banking industry on Thursday, defeating a Democratic proposal that would have given homeowners in financial trouble greater flexibility to renegotiate the terms of their mortgages.
US Senate rejects easing mortgages in bankruptcy Reuters
Bill To Let Judges Rework Mortgages Fails In US Senate Wall Street Journal
The Associated Press – Bloomberg – msnbc.com – CNNMoney.com
all 467 news articles »
http://news.google.com/news?pz=1&ncl=1342133911&topic=n
Amazing that they can still afford lobbying…so lobbying government takes priority over all else.
Abolish Lobbying.
April 30th, 2009 at 5:59 pmLobbying is alright as long as money is NOT INVOLVED. We need a publicly funded reelection system.
April 30th, 2009 at 6:00 pmXisithrus,
Lobbying is a better “investment” than keeping employees around for a corporation. The return on “investing” in lobbying could be 1000:1 or MORE if they get the laws passed that benefit the CEOs and board members! These corporate crooks just hire back kids out of college to replace the gaps in employment for less money in a couple years anyway all the while; their existing work force was double worked. I’ve lived it and I’m speaking 1st hand knowledge of how corporations work. It’s sad and makes me mad!
April 30th, 2009 at 6:12 pmSenate to America: Government is meant to take care of big banks and corporations…
…to heck with all those pesky little citizens…
…they only vote for us thinking we will do the right thing.
April 30th, 2009 at 6:21 pmI have one question for anyone who might have thought this would turn out any differently.
What color is the mutherfocking sky where you live?
April 30th, 2009 at 6:32 pmtoo late.
lobbying already abolished citizens.
turned us into consumers.
April 30th, 2009 at 6:34 pmDoodlebug, get your facts straight.
In bankruptcy, corporations can cram down debt holders.
Homeowners cannot get their mortgage crammed down, even if the bankruptcy judge wants to.
Our Democratic majority Congress voted corporatist.
April 30th, 2009 at 7:01 pmBaucus
Bennet
Byrd
Carper
Dorgan
Johnson
Landrieu
Lincoln
Nelson
Pryor
Specter
Tester
http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=1&vote=00174
These blue dogs, including Evan Bayh, will throw health care reform to the for-profit sector.
April 30th, 2009 at 7:08 pmHere are the “NO” votes on this amendment. I’ve highlighted the Dems that voted against it.
NAYs —51
April 30th, 2009 at 7:11 pmAlexander (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)
The key is what powers bankruptcy judges have. There is a distinct difference between the power of corporations and the individual citizen. As usual, the little guy/gal loses.
U.S. Senate rejects easing mortgages in bankruptcy
http://www.reuters.com/article/politicsNews/idUSTRE53T7A820090430
April 30th, 2009 at 7:56 pmI expect Republicans to sell out to the highest bidder, that’s what Republicans do. When Democrats sell their votes, it makes me want to poke a stick into a nest of angry insects.
I believe these horrible Democrats just told America “bite me” and I think a few insect bites might do some good.
Is there some kind of action site where we can send them a few thousand email messages expressing our concern for their future in politics?
April 30th, 2009 at 8:15 pmHow did your Senator Vote??? Make them accountable!
let them know that there IS a grassroots movement to bring EVERY lobby friendly Senator opposition in their district. If you can be bought, you can be told where to go! Bring honest to the Senate – “We The People” should mean living, breathing PEOPLE, not corporate people who can OWN other corporate people…
April 30th, 2009 at 8:22 pmThose Senators that voted against the cram down should be ashamed.
April 30th, 2009 at 10:03 pmAll they did today was to make a huge problem even larger.
Either they are in bed with the banks, or are unable to understand simple math. In either case they shouldn’t have a seat to sit in in the Senate.
This last year I faxed 94 letters, twice, to Senators about how HOPE NOW is a crock. I told them about the lenders getting their own mortgage insurance policies on these loans, up to 30% coverage of losses. This can be found in the SEC filings of the trusts these loans are securitized in. NOt one responded to me. I even called some of them to see if they received it and was ignored.
Here we go again “the man with the gold makes the rules”.
Shame on all those Senators – they forget who they work for – us.
Thanks Sites Sesli Sohbet
May 1st, 2009 at 6:02 amSesli Chat
SesliSohbet
SesliChat
Thanks
May 1st, 2009 at 8:01 amSesli Sohbet
Sesli Chat
Sesli Sohbet
Sesli Chat
First let me say that I am progressive as they come, but can we finally say that there are some Democrats that are worse than Republicans?
Here is why? At least Republicans are overt about their disdain for the little guy. Democrats say they care about us, and then stab us in the back every time they get a chance.
We need a “viable” third party.
Here is a breakdown of which Democrats voted against it, and the amount of money several of them received from the banking industry.
http://progressnotcongress.org/blog/?p=597
May 1st, 2009 at 11:59 am“Behind closed doors,”…at long last!! What??
May 1st, 2009 at 12:13 pmHere is a link to the Library of Congress record of votes in the Senate….my Senators voted in favor, but I would urge anyone whose Senator(s) didn’t to really let them have it!
http://thomas.loc.gov/cgi-bin/query/F?r111:1:./temp/~r1110o3W1X:e206138:
May 1st, 2009 at 9:15 pm