Ability for Bankruptcy Judges to Modify Mortgages Defeated in the Senate

The Senate just voted down an amendment to allow bankruptcy judges to modify home mortgages in bankruptcy.

The U.S. Senate rejected a measure that would let bankruptcy judges cut mortgage terms to help borrowers avoid foreclosure, a victory for banks and credit unions that said the legislation would increase loan costs.

Think lobbyists, now many using taxpayer dollars are not running Washington?

Here is the vote.

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Disgusting show of greed

These corrupt bastards are bereft of morality and conscience. Every right in bankruptcy court afforded to those wealthy enough to own 2nd,3rd and tertiary properties has been denied to those who have only one residence.

Dick Durbin should be applauded for standing out in the crowd and calling the nays out:

As for these assholes, they should be ashamed of themselves.

(h/t dday)

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Durbin said yesterday that

the banks own the Senate.

Just more protection for the financial oligarchy.

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Interesting: Baucus, Dorgan,

Interesting: Baucus, Dorgan, Tester, Specter, and Snowe voted against it. For the most part, Republicans Nay...except for these Dems.

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Dorgan

Is extremely middle class friendly which makes me believe there is more to this story than meets the eye. Same with Tester.

It could be it was some ruse to once again give some special interest group special favors or something. I couldn't find the actual amendment for further analysis. Link in thomas.gov went to a bad link.

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It's not science

It's the Theology that leads to these votes. Protestant Sola Scriptura Individualism- as applied to homeowner foreclosures.

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Executive compensation is inversely proportional to morality and ethics.

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Maximum jobs, not maximum profits.