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Senate Action on 'Cramdown' Bill Delayed

March 20, 2009 RSS Feed Print

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Senate action on controversial legislation allowing judges to modify the terms of mortgages on primary residences during bankruptcy has apparently been delayed.

From The Wall Street Journal:

With Congress due to start a two-week recess on April 6, Senate negotiators haven't been able to lure a handful of moderates to secure the 60 votes needed to clear a procedural hurdle and get the bill through the chamber.

"It looks very likely that we will not be able to take up this housing bill until next work period," said James Manley, spokesman for Senate Majority Leader Harry Reid (D., Nev.). "We will continue to work with Sen. [Dick] Durbin and Sen. [Christopher] Dodd to ensure we have the votes when we move this bill forward."

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best fish oil of AL 5:24AM August 04, 2011

This is one of the guys that gave $$$ to kyl.see the reuters article
The father of the money market mutual fund -- investor Bruce Bent -- was charged with fraud by U.S. regulators on Tuesday over accusations he deceived investors into believing his flagship fund was safe before it "broke the buck" last year.
The civil charges against the veteran money manager, his son and their investment company come eight months after the Reserve Primary Fund, loaded with Lehman Brothers debt, halted redemptions after the investment bank declared bankruptcy, sparking a run on money-market funds.
The fund is being liquidated and its collapse has spurred numerous lawsuits. Its demise has been a stunning turn for Bent, who regulators called "the public face" of the fund and "a longtime advocate of the safety and stability of money market funds."
The SEC said that since it was created in 1971, the Primary Fund historically invested in very conservative assets such as government securities and bank certificates of deposit.
But, starting in 2007 and 2008, the fund began to purchase riskier commercial paper issued by financial firms including Lehman, Merrill Lynch and Washington Mutual, with the higher yields paid by these securities generating attractive returns for fund shareholders, the SEC said.
KYL keeps supporting these guys to.

joe johnson of AZ 5:49PM May 06, 2009

It really is ashamed, i can barely sit here and think how sick and cowardly these traitors are. It's clearly posted and recorded exactly how many millions these banks and financial institutions contributed to these elections to put these traitors into office. But the president nor anyone from the justice department has anything to say about tampering with these proceedings to influence the results of these votes. So this tells me that even our supreme court justices, house reps. governors,law enforcement and all other elected officials are more than likely corrupt and being bought and paid for by anyone with power and money. And they don't even try to hide it anymore, they just push it in our face and say take it. I do hope that when the elections come back around that we take the necessary steps to show these traitors that while these banks can produce millions of dollars for them, that they can only produce a limited number of votes. And on the other hand as a united force we can generate millions of votes to unseat them, and send the clear message that they don't get away with what they have done.Also where was our president when we needed him to lobby for us, getting his MULTIbillion dollar bill passed so that he can PAD the pockets of more failing institutions, only to tell us "NO" !!!!

j.thomas of NC 6:43PM May 02, 2009

Senate Action on 'Cramdown' Bill Delayed

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