Republicans Oppose Democratic Plan to Aid Burdened Homeowners

[struggle4progress]

Republicans Oppose Democratic Plan to Aid Burdened Homeowners
By Lorraine Woellert

Sept. 23 (Bloomberg) -- Republicans are opposing a Democratic proposal to let bankruptcy courts revise mortgage terms to aid homeowners as part of a $700 billion plan to relieve financial companies of troubled debt ...

Senator Jon Kyl, an Arizona Republican, called the bankruptcy proposal an ``extreme'' measure and said Republicans won't approve it.

Among groups lobbying for the provision are the Leadership Conference on Civil Rights; AARP, a lobbying group for Americans age 50 and older; the consumer group Center for Responsible Lending, and the labor coalition Change to Win ...

``It's not logical,'' < Senate Majority Leader Harry> Reid said in an interview. ``Somebody who has one home that they struggled to stay in, they lose their job, they get sick. Why can't they go to bankruptcy court and get some leeway?'' ...

http://www.bloomberg.com/apps/news?pid=20601087&sid=aOe8kh4ZJmmE&refer=home


http://www.ft.com/cms/s/0/ffcdc452-89d0-11dd-8371-0000779fd18c.html

[AndyTiedye]

1. We Need to Make Every Homeowner in America Aware Of This

[nadinbrzezinski]

2. call me surprised