April 30th, 2009
04:02 PM ET
5 years ago

Senate votes down foreclosure relief measure

WASHINGTON (CNN) - The Senate voted 51-45 Thursday against legislation that would have allowed bankruptcy judges to rewrite mortgage terms for struggling borrowers before they faced foreclosure - the so-called mortgage "cram-down" bill.

President Obama had called for the measure's passage because of the help it would have given hundreds of thousands of homeowners who cannot get better terms from banks.

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Filed under: Senate
soundoff (48 Responses)
  1. chelle

    Well that was stupid.....

    April 30, 2009 04:04 pm at 4:04 pm |
  2. neil

    Another Obama promise up in smoke

    April 30, 2009 04:04 pm at 4:04 pm |
  3. PA Dem

    Yep, just keeping letting the banks, credit card companies and mortgage lenders screw the People! Sure, we can bail them all out, but when we ask for a break in the terms of our loans - not a free ride - we get the big NO from Senate. We all need to research how each Senator voted on this and hold them accountable!!!!!

    April 30, 2009 04:05 pm at 4:05 pm |
  4. J.P.

    Can I get cramdown legislation passed so I can get sweetheart lending on the Jaguar I bought but could afford?

    April 30, 2009 04:05 pm at 4:05 pm |
  5. matt

    OMG!!! They did something that made sense!!! Leave the mortgage writing to the banks and the law interpreting to the judges.

    April 30, 2009 04:06 pm at 4:06 pm |
  6. The Broker.

    Chrystler! American????????????? When?

    April 30, 2009 04:10 pm at 4:10 pm |
  7. Fred the Moderate

    AMAZING, so if it's not your problem, why help anyone else? What happened to our nation?

    April 30, 2009 04:14 pm at 4:14 pm |
  8. nick

    We would like to see the break down of this vote, as well as the reasoning behind it.

    April 30, 2009 04:15 pm at 4:15 pm |
  9. fudge

    You can keep this house! what's it worth to you, or let foreign investors like the chinese people buy our homes, that way we are even with our loan.

    April 30, 2009 04:16 pm at 4:16 pm |
  10. LISA

    Why would they vote that down? We know the Rethugs voted against it. The party of NO! The Democrats better get it together or some of them will be looking for a new job next year.

    April 30, 2009 04:17 pm at 4:17 pm |
  11. KO

    What is the matter with our Senate???? Here's finally something they can actually vote for that will "really" help the American people who are struggling and they vote this one down. They vote in favor of all the bailouts and vote down this. Unbelieveable. This really ticks me off.

    April 30, 2009 04:20 pm at 4:20 pm |
  12. Ursula

    I'm sick of all the bailouts. I'm glad this one didn't pass. A lot of these people can't afford their mortgages if re-fied and they shouldn't have been given mortgages in the first place. I know people being foreclosed on and NONE of them can afford to own a home! One guy has 11 homes in foreclosure that he bought to flip at a higher price and they didn't sell. KARMA!

    April 30, 2009 04:21 pm at 4:21 pm |
  13. Nan

    The good news is that we all have the opportunity to find out who voted against the measure before we vote in the next election.

    April 30, 2009 04:21 pm at 4:21 pm |
  14. Partrainia

    That sounds about right. I guess they did not own enough big corporations, so they did not qualify for relieve to try to keep their homes. Their bad for not being in the same group as the money makers; who could not manage their own money by the way. Let's take jobs from politicians, especially those in the Senate. Lets put them in a position where they can not afford their homes. I bet the legislation would pass then.

    Wrong people trying to make rules.

    April 30, 2009 04:24 pm at 4:24 pm |
  15. Mike Getzin

    What would you expect from a Republican Senate? I hope this sends a clear message to the voters that it's time to remove and replace with people who care about the country and its citizens, especially those in need rather than the finance companies and banke that slick screwed the homeowners toward foreclosure.

    April 30, 2009 04:24 pm at 4:24 pm |
  16. James

    Can you provide us with a list of all of the senators who voted against this bill? I think they need to hear from their constituents. We sent these men and women to DC to think about us first – and NOT to kiss lobbyist behinds!

    April 30, 2009 04:29 pm at 4:29 pm |
  17. Henry Miller, Cary, NC

    Wow! Common sense prevailed! How refreshing!

    April 30, 2009 04:30 pm at 4:30 pm |
  18. rob

    figures they only want to help the banks

    April 30, 2009 04:33 pm at 4:33 pm |
  19. dace

    Guess the gop and conservadems still hate the average person in America and have no problem giving out corporate welfare by the trillions. Truly vile – we need to get rid of the pretend democrats and then at least 3 more white hood rich white guys to get the change we voted for.

    April 30, 2009 04:33 pm at 4:33 pm |
  20. JP

    Only the dumbest of the dumb could be for this bill. If banks know that any mortgage contract you sign is worthless because moron politicians make it so, than you will pay a higher interest rate because there is more risk.

    The fact that the bill got this far is very scary.

    April 30, 2009 04:33 pm at 4:33 pm |
  21. Donald. Canton, NC

    Ok, so Senators voted it down, identify them and let the American public and states they represent deal with them..

    Another slap in the face to suffering home-owners by both parties - Democrat and Republican.

    Now they can answer one more question - Who's best interest are they protecting, the homeowners or banks and mortgage brokers we already own? So much for lobbying in Washington instead of interests of this country.

    April 30, 2009 04:34 pm at 4:34 pm |
  22. dreamer

    I see the rich taking care of the rich again.

    April 30, 2009 04:36 pm at 4:36 pm |
  23. Dianne Whitmire

    I would like to know who voted against helping.

    April 30, 2009 04:37 pm at 4:37 pm |
  24. Ghost

    Ain't big on this decision. We're OK with bailouts, but lowering terms for those facing foreclosure. Guess the American people aren't too big to fail.

    April 30, 2009 04:39 pm at 4:39 pm |
  25. Jennie

    So those voting against it would vote against what's beneficial for the average American. Hmm.... What's wrong with this picture?

    April 30, 2009 04:41 pm at 4:41 pm |
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