Cram down delayed

[martialgir]

Better get the pitchforks and torches out because this Senate needs to get the message!!



"Cram-Down Legislation Delayed
So-called "cram-down" legislation that would allow bankruptcy judges to change the terms of a mortgage during bankruptcy stalled in the Senate. The House passed a cram-down bill after business-oriented Democrats watered down some of the provisions. Senate majority leader Harry Reid previously indicated that the Senate would be able to pass a similar "cram-down" bill, but the process has been halted because of opposition from conservative Democrats and moderate Republicans.
Proponents of the cram-down bill say it is the perfect stick to encourage lenders to negotiate with homeowners before they go broke.
Opponents say that the legislation will lead to increased interest rates and even tighter credit markets.
Congressional Quarterly reports indicate that Sens. Evan Bayh (D-Indiana) and Arlen Specter (R-Pennsylvania are leading an effort to change the bill to advantage lenders. It is unclear exactly what changes they are seeking, but they have successfully delayed consideration of the bill until after the Congressional spring break (April 4 to19)."

[martialgir]

Okay, I'm a woman on a mission. Here is everyone's opportunity to get themselves heard by Obama on his whitehouse website. Go to this website and post your question. If there are enough people from this forum doing this, maybe we can get some attention and actually get something accomplished that helps us.


Go to Open For Questions. President Obama will be answering the most popular (by vote) questions on-line tomorrow. There is at least one question related to the pending bankruptcy legislation. The question I found reads like this:

my mortgage co. refused to do a loan modification claiming i owed too much money & wants to foreclose my property, when will the bankruptcy law be modifiied so many americans like myself will be able to keep our homes at an affordable monthly figure"



Let's show our support for this question and have the President answer it, this will also show the Senators where the public will is on this questions!!!!