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.
From CNN Politics
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Well that was stupid.....
Another Obama promise up in smoke
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!!!!!
Can I get cramdown legislation passed so I can get sweetheart lending on the Jaguar I bought but could afford?
OMG!!! They did something that made sense!!! Leave the mortgage writing to the banks and the law interpreting to the judges.
Chrystler! American????????????? When?
AMAZING, so if it's not your problem, why help anyone else? What happened to our nation?
We would like to see the break down of this vote, as well as the reasoning behind it.
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.
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.
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.
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!
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.
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.
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.
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!
Wow! Common sense prevailed! How refreshing!
figures they only want to help the banks
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.
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.
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.
I see the rich taking care of the rich again.
I would like to know who voted against helping.
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.
So those voting against it would vote against what's beneficial for the average American. Hmm.... What's wrong with this picture?