unusualmusic_lj_archive

So. Cramdown Legislation. Senator Dick Durbin introduced legislation that would :

Under the provision, a judge would be able to lower the principal of homeowner’s mortgage and the interest rate and extend the terms of the mortgage, a process known as a “cramdown.” Judges are already allowed to do this for vacation rentals but not a borrower’s primary residence.

12 democrats joined with the Republican Senators in voting it down

- 12 Democrats (listed here) voted against allowing bankruptcy judges to compel banks to renegotiate mortgage terms so as to prevent homeowners from being foreclosed on and thrown out of their homes.
- Bankruptcy judges currently have this "cramdown" power to renegotiate mortgage terms on vacation homes and investment properties.
- Vacation homes and investment properties are disproportionately owned by very rich people.
QUESTION 1: Out of the hundreds of professional "journalists" who work in Washington, can someone - anyone - please ask these 12 Democratic senators why they believe it is perfectly fine for bankruptcy judges to cram down mortgages for very rich people's vacation homes and investment properties, but not mortgages for regular people's homes? IMHO, this is the most important question, especially because none of these 12 Democratic senators are sponsoring legislation to repeal the law that gives judges cram down power to help rich people.

Firedoglake's Jane Hamsher tells us how the lobbyists did it:with taxpayers money from TARP

The House passed the badly needed Credit Card Holders Bill of Rights yesterday, but they passed cramdown, too. We successfully fought off the efforts of the Mortgage Bankers Association, the American Bankers Association and other lobbyists to work through Ellen Tauscher and the New Democrats to tank it, but that just means the banks shifted their focus to the Senate, where they were wholly successful. And they plan to do the same thing for the Credit Card Holders Bill of Rights.MORE

See also Who are the Mortgage Banker Association (and what have they done with our country?)

Mortgage Bankers Celebrate Victory

Interesting articles: How Corporate Personhood Threatens Democracy

Morning Feature: Shoot, Ready, Aim ... at Corporate 'Persons' Part One

Installing a Conscience in Corporate 'Persons' Part Two

Sacling Down Corporate 'Persons' Part Three