Bankers Blocking Mortgage Relief Bill

by Leigh Graham · 2009-03-05 12:00:00 UTC
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I know, you're shocked by that headline.  They got their bailout, why should anyone else?

H.R. 1106, the Helping Families Save Their Homes Act of 2009, makes it easier for homeowners to negotiate mortgage modifications on their primary homes in bankruptcy court.  Currently, and oddly, this "cram-down" provision is only allowable on second homes.  So this bill would make available to owner-occupants a work-out option currently reserved only for investors and speculators.  But not if the bankers and their Democratic and Republican allies in the House have anything to say about it.

dday and KagroX have the partisan break-down on the bill: dday takes the Dems to task, KagroX interestingly points out that the majority of foreclosures are in Republican led Congressional districts.

Christy Hardin Smith has the heartstrings argument, in which she also points out that the number of job losses are rendering a lot of these government proposals useless for more and more homeowners.  Negotiation in bankruptcy court may be the only option for hundreds of thousands of homeowners.  She wants to hear from you what we should call the emerging camps we'll see due to mass homelessness.

masaccio deconstructs point-by-point the pro-banker argument.  Finally, BraveNewFilms has an action for us to let Congress know we support this bill.

(Photo by das_sabrinchen)

Leigh Graham
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