Dems: Obama Broke Pledge to Force Banks to Help Homeowners

[Donnachaidh]

http://www.propublica.org/article/dems-obama-broke-pledge-to-force-banks-to-help-homeowners

Before he took office, President Obama repeatedly promised voters and Democrats in Congress that he’d fight for changes to bankruptcy laws to help homeowners—a tough approach that would force banks to modify mortgages.

“I will change our bankruptcy laws to make it easier for families to stay in their homes,” Obama told supporters at a Colorado rally on September 16, 2008, the same day as the bailout of AIG.

Bankruptcy judges have long been barred from lowering mortgage payments on primary residences, though they could do it with nearly all other types of debt, even mortgages on vacation homes. Obama promised to change that, describing it as exactly “the kind of out-of-touch Washington loophole that makes no sense.”

But when it came time to fight for the measure, he didn’t show up. Some Democrats now say his administration actually undermined it behind the scenes.

More at the link --

[Democrats_win]

1. This is the cram-down legislation that failed in congress.

It reminds us of how little the elites (Dem and Repuke) care about Americans. Just think, Obama pointed his finger at us and told US to pay our debts while the Congress and FED gave the banksters trillions of dollars. It's revolting how the financial industry ruins America.

[Autumn]

2. It's revolting how our "leaders" allow it to

happen. They are the ones who benefit with the money the financial industry gives them for "their" coffers".

[Dawgs]

3. Foreclosures and home values are a time bomb that this administration will regret ignoring.

:cry:

[glinda]

4. Only way to take care of things is to clean house. Virtually need to clean out almost everyone.

Starting with the Conservative & Teas followed by massive Dem cleansing.

[Enthusiast]

5. That would suit me. nt

[Missy Vixen]

9. Absolutely

We are one of the handful of families that made it through MHA to closing paperwork, after being repeatedly told by this White House that the loan modification program would help millions. I am sickened and infuriated all over again when I consider how hard this administration and Congress has fought to protect their friends Big Business, and how little regard they have for the citizens who fought to put President Obama in the White House.

We'll never clean house when it costs millions to run for a House seat, let alone the half-billion dollars spent to win the White House last time.

[Le Taz Hot]

12. Jerry Brown

was outspent 4:1 by Meg Whitman and he still won handily. Look up the Senate race with Arianna Huffington's ex. Same scenario. If the PEOPLE want them bad enough, money is not a factor. The problem is getting anyone not a corporate puppet past the Party Bosses. Any questions, look at the last Democratic presidential Primary. We were given the "choice" of Obama and Obama in a skirt.

[ProSense]

6. From the OP article:

<...>

Congressional Democrats had long been pushing a bill to enact cramdown and were encouraged by the fact that Obama had supported it, both in the Senate and on the campaign trail.

They thought cramdowns would serve as a stick, pushing banks to make modifications on their own.

<...>

When Obama unveiled his proposal to stem foreclosures a month after taking office, cramdown was a part of the package <4>. But proponents say he’d already damaged cramdown’s chances of becoming law.

<...>

After narrowly passing the House, cramdown was defeated when 12 Democrats joined Republicans <6> to vote against it.

<...>

The list of Democrats who voted against the bill:

Baucus (D-MT)
Bennet (D-CO)
Byrd (D-WV)
Carper (D-DE)
Dorgan (D-ND)
Johnson (D-SD)
Landrieu (D-LA)
Lincoln (D-AR)
Nelson (D-NE)
Pryor (D-AR)
Specter (D-PA)
Tester (D-MT)

[Vidar]

7. After the last two years, the whole notion of Obama fighting for anything seems ludicrous.

[Rex]

8. He is a corporate suit. Always has been and always will be.

People need to realize, Obama loves big business and will do anything they want or ask.

[BlueCheese]

10. From reading the article...

... it sounds like cramdown got the public option treatment. Showy statements of support for the public, secret sabotage in private.

[chimpymustgo]

11. The Obama Doctrine: "Showy statements of support for the public, secret sabotage in private."