FORECLOSE THIS: "No Bankruptcy Help for Homeowners", April 30th, 2009.

[denem]

The next time you hear about record foreclosures, spare a thought for the following delinquents,

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)

all voting NAY on the Senate bill that would have allowed bankruptcy judges to rewrite a person's mortgage terms, like they always could, until the Bankruptcy Atrocity Act 2005. The point of that Act was to cripple mortgagee options in order to protect fucktard CDS swaps. Gee, that turned out really well. Ask damned-in-hell AIG. Beyond evil.

No Bankruptcy Help for Homeowners
Measure to modify delinquent loans in bankruptcy court fails in Senate. Obama administration loses big stick to prod loan servicers to aid troubled homeowners.

NEW YORK (4/30/2009 CNNMoney.com) -- The Obama administration lost a bid to add a powerful weapon in its fight against foreclosure Thursday, after the Senate voted down a proposal to allow bankruptcy judges to modify mortgages.

The defeat left many housing advocates questioning the effectiveness of the president's loan modification plan. The so-called cramdown provision, which would allow judges to reduce mortgage principal, would have put pressure on servicers to modify loans before borrowers file for bankruptcy.

The financial industry lobbied hard against the bill, arguing that letting judges change mortgage contracts would add instability to the market and raise interest rates. Senate Republicans and some moderate Democrats were concerned about the bill's impact and about the growing resentment among homeowners in good standing.

The bill was defeated by a 51-45 vote. The House had passed similar legislation last month. The vote comes on the day that a new report showed foreclosure starts spiking to a record high in March.

http://money.cnn.com/2009/04/30/news/economy/cramdown/index.htm?postversion=2009043017

Postscript: By my count, seven Republican Senators voted for the bill. I applaud them.