The Senate voted 45-51 against Dick Durbin's anti-foreclosure bill. Twelve democrats opposed the bill.
We were hoping the Senate would help deal with the massive foreclosure epidemic and pass the bill, which would have allowed bankruptcy judges to adjust the terms of mortgages of people who were facing foreclosure, among other things.
Obama made public statements saying the bill was an important aspect to helping the economy; however, it's been speculated that he didn't throw in 100% support because banks opposed to the bill's passage.
Here's a quote from the Associated Press article posted on the Kansas City Star on Obama's support or lack thereof:
"Obama long has backed the proposal to give debt-ridden individuals the option of turning to bankruptcy to save their homes. He cited that support last fall as he privately lobbied skeptical Democrats to back the $700 billion Wall Street bailout. And once he was president, he had promised, he would push for its passage."
If your home is in danger of being taken away, learn how bankruptcy may stop pending foreclosure.
Tags: bankruptcy, foreclosure, Obama
This entry was posted on Thursday, April 30th, 2009 at 3:49 pm and is filed under Legal Info, Mortgage Foreclosure. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.