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. The Broker.

    From Worse! To Nurse. You really are sick America...

    April 30, 2009 04:42 pm at 4:42 pm |
  2. Patty

    Let me guess, not one republican voted for it. shame on all of you that voted against help for people.

    April 30, 2009 04:42 pm at 4:42 pm |
  3. Beverly Sublett

    This is Why the congress ratings are so low they do-not care about people only whether they will be reelected.
    People are struggling all over the land and they can not do any thing to help the middle class or poor but they are helping themselves with all kinds of things off of tax payers Back.

    April 30, 2009 04:43 pm at 4:43 pm |
  4. Eric

    Sadly, those who own more than one home can do this (the wealthy) but the average person facing foreclosure cannot.

    April 30, 2009 04:52 pm at 4:52 pm |
  5. bob in LA

    Good! Some of can't afford our rent- whre is our help? I already sold my house when I saw the writing on the wall and I don;t even get a special tax credit for being responsible.

    April 30, 2009 04:54 pm at 4:54 pm |
  6. Heidi

    To Future bloggers on this story, don't blame the President when people keep losing their homes due to no fault of their own. The Republican who are trying to rebrand themselves just showed that they are still the same party of no.

    April 30, 2009 04:56 pm at 4:56 pm |
  7. PMM

    The Senate knows where its campaign money comes from and it isn't Barack!

    How low of these senators. How low

    April 30, 2009 04:57 pm at 4:57 pm |
  8. Only1359Left

    Whahooo stop rewarding irresponsibility be it government or indivuals. If you aint got the cash dont buy it.

    April 30, 2009 05:01 pm at 5:01 pm |
  9. Jim

    Of course they voted it down. Most politicians these days are in the hip pockets of the banksters. Money talks. That's why real reform will never happen.

    April 30, 2009 05:04 pm at 5:04 pm |
  10. No More Incumbents

    Sure. No money to help the people who pay their taxes. Nice job Dems. See you in Nov.

    April 30, 2009 05:05 pm at 5:05 pm |
  11. Tom

    I think Obama is right that this bill should be passed–why should we be bailing out banks but not homeowners? In saying this, I'm assuming that the bill would have been limited to helping families stay in their homes, not professional speculators who were just in the business of trying to flip homes.

    April 30, 2009 05:08 pm at 5:08 pm |
  12. Eric in St. Paul, MN

    NAME NAMES, CNN! All of the talk about relief for homeowners has apparently been drowned out by banking lobbyists – CNN should be getting Senators on the record regarding hopw they let their constituents down in favor of special interests!

    April 30, 2009 05:09 pm at 5:09 pm |
  13. Rob, Ohio

    Thank goodness...at least there are still SOME people in the legislative branch who actually value accountability, living with choices made, etc.

    Passage of this bill would be inherently unfair to those who were smart, responsible, and made the RIGHT choice, and it would send all the wrong messages...starting with "don't worry if you're irresponsible, we'll take care of you".

    April 30, 2009 05:11 pm at 5:11 pm |
  14. TomJay

    Only 45 Democrats voted for this bill? Where was the Democratic majority? Shame on the Democrats.

    April 30, 2009 05:16 pm at 5:16 pm |
  15. MARYANN

    So middle AMERICA gets NO BAILOUT...but has to help pay for BANK OF AMERICA's bailout...what is wrong with this .......I cannot pay my mortgage or College tuition or super high taxes in Chicago...my salary was slashed and my hours cut....something is very wrong here ..we are the pride of AMERICA and we are FORGOTTEN....Thanks WASHINGTON.....THANKS FOR NOTHING.....

    April 30, 2009 05:21 pm at 5:21 pm |
  16. lb

    I am surprised the senate vtoed against this bill but am glad they did.

    April 30, 2009 05:21 pm at 5:21 pm |
  17. Rich

    Does this mean that the banks really own the senate? Might, and then it might now. What do you think?

    April 30, 2009 05:32 pm at 5:32 pm |
  18. George Arlington, TX.

    help the rich screw the middle class.

    April 30, 2009 05:35 pm at 5:35 pm |
  19. Dayahka

    This is good. This was a bad idea, getting judges into the mortgage business. Obama needs to get over Bush's addiction to the idea that everyone should own a home–even if they can't afford one.

    April 30, 2009 05:39 pm at 5:39 pm |
  20. Ray Fisher

    Typical Republicans covering for their nest eggs, not willing to help anyone but themselves!!! Would someone please ask the GOP how much more before they have enough???

    April 30, 2009 05:41 pm at 5:41 pm |
  21. what a difficult issue

    I don't want people to lose their houses

    I also don't want a continuation of this stupid risk taking that got us where we are

    As a family, we struggle very hard to make our payments for our house

    This issue is a very tough one

    April 30, 2009 05:42 pm at 5:42 pm |
  22. rand

    I think this sucks. The moderates and GOP are concerned about those of us in good standing???? What about the empty houses littering our neighborhoods and the vacancies driving values down?

    It is as though the financial institutions and those who opposed this legislature are encouraging foreclosure. Many of us are upside down on our houses thanks to the recent financial meltdown and cannot get our mortgages altered. I guess our houses will be the next vacancies in the neighborhood.

    April 30, 2009 05:48 pm at 5:48 pm |
  23. Attention Refiblicans.....

    This bill was voted on before Arlin Spector switched pthat will occur arties. And we also have yet to see Al Frankin's Senate appointment soon. In any event, the bill will be voted on again and passed....by the soon to be "fillibuster" proof Senate.

    April 30, 2009 05:49 pm at 5:49 pm |
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