Senate Rejects Proposal for More Leeway in Bankruptcies

[depakid]

Source: NY Times

The Senate on Thursday afternoon rejected a proposal to let bankruptcy judges change the terms of subprime mortgages to help financially struggling homeowners.

By 58 to 36, senators voted to shelve a measure to change the bankruptcy code so judges could ease payment terms for distressed owners. The proposal has been the most controversial in the continuing debate over legislation to address the housing crisis.

The measure was an amendment proposed for a relief package, including new tax breaks intended to help stabilize the wider housing market, that went to the Senate floor on Thursday. Numerous other amendments are expected before the Senate votes on its final version of the bill, after which differences between the Senate and House must be worked out.

The amendment that was set aside, or tabled, on Thursday was offered by Senator Richard J. Durbin of Illinois, the Democratic whip, who said he was speaking on behalf of those homeowners who “deserve a break.”

Read more: http://www.nytimes.com/2008/04/03/washington/03cnd-cong.html?_r=1&oref=slogin

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Same old coalition of Republicans and DINO's....

[Demeter]

1. Leopards Don't Change Their Spots

or their diets.

[Vidar]

2. They're happy to bail out the damned bankers, but d nothing for the

poor losing their houses. I've had three friends go homeless in the last year, two of them in the last week.

[fascisthunter]

3. Bail Out The Rich and Powerful while Bleeding Us all Dry

its why there is so much animosity for the wealthy.

[madrchsod]

4. assholes

anything to protect the money class and fuck the working class...

[cosmicdot]

5. roll call link

Required For Majority: 1/2

Statement of Purpose: To address the treatment of primary mortgages in bankruptcy, and for other purposes.
Vote Counts:
YEAs 58
NAYs 36
Not Voting 6


voting yea

Baucus (D-MT)
Byrd (D-WV)
Carper (D-DE)
Johnson (D-SD)
Landrieu (D-LA)
Lincoln (D-AR)
McCaskill (D-MO)
Nelson (D-NE)
Pryor (D-AR)
Tester (D-MT)

not voting

Boxer (D-CA)
Clinton (D-NY)
Inouye (D-HI)
Obama (D-IL)

http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=110&session=2&vote=00088

[happyslug]

6. This is a GOVERNMENT website, it is NOT copyrightable...

Thus we can cut and paste the whole thing if we want to.

Remember A YEA Vote is AGAINST the Amendment (i.e. Yes to delete it from the proposed law).
A NAY vote is a vote to KEEP the amendment in the proposed law. Grouped By Vote Position

YEAs ---58 (i.e. Voted to table the proposal):
Alexander (R-TN)
Allard (R-CO)
Barrasso (R-WY)
Baucus (D-MT)
Bennett (R-UT)
Brownback (R-KS)
Bunning (R-KY)
Burr (R-NC)
Byrd (D-WV)
Carper (D-DE)
Chambliss (R-GA)
Coburn (R-OK)
Cochran (R-MS)
Coleman (R-MN)
Collins (R-ME)
Corker (R-TN)
Cornyn (R-TX)
Craig (R-ID)
Crapo (R-ID)
DeMint (R-SC)
Dole (R-NC)
Domenici (R-NM)
Ensign (R-NV)
Enzi (R-WY)
Graham (R-SC)
Grassley (R-IA)
Gregg (R-NH)
Hagel (R-NE)
Hatch (R-UT)
Hutchison (R-TX)
Inhofe (R-OK)
Isakson (R-GA)
Johnson (D-SD)
Kyl (R-AZ)
Landrieu (D-LA)
Lieberman (ID-CT)
Lincoln (D-AR)
Lugar (R-IN)
Martinez (R-FL)
McCaskill (D-MO)
McConnell (R-KY)
Murkowski (R-AK)
Nelson (D-NE)
Pryor (D-AR)
Roberts (R-KS)
Sessions (R-AL)
Shelby (R-AL)
Smith (R-OR)
Snowe (R-ME)
Specter (R-PA)
Stevens (R-AK)
Sununu (R-NH)
Tester (D-MT)
Thune (R-SD)
Vitter (R-LA)
Voinovich (R-OH)
Warner (R-VA)
Wicker (R-MS)

NAYs ---36 (i.e. voted to keep it in the bill):
Akaka (D-HI)
Bayh (D-IN)
Biden (D-DE)
Bingaman (D-NM)
Brown (D-OH)
Cantwell (D-WA)
Cardin (D-MD)
Casey (D-PA)
Conrad (D-ND)
Dodd (D-CT)
Dorgan (D-ND)
Durbin (D-IL)
Feingold (D-WI)
Feinstein (D-CA)
Harkin (D-IA)
Kennedy (D-MA)
Kerry (D-MA)
Klobuchar (D-MN)
Kohl (D-WI)
Lautenberg (D-NJ)
Leahy (D-VT)
Levin (D-MI)
Menendez (D-NJ)
Mikulski (D-MD)
Murray (D-WA)
Nelson (D-FL)
Reed (D-RI)
Reid (D-NV)
Rockefeller (D-WV)
Salazar (D-CO)
Sanders (I-VT)
Schumer (D-NY)
Stabenow (D-MI)
Webb (D-VA)
Whitehouse (D-RI)
Wyden (D-OR)

Not Voting - 6
Bond (R-MO)
Boxer (D-CA)
Clinton (D-NY)
Inouye (D-HI)
McCain (R-AZ)
Obama (D-IL)

[Muttocracy]

8. I thought Biden was a bank industry tool?

:sarcasm:

edit to say - some of us are sick of people slandering him as the rich credit card guy.

[Kaleko]

9. For once, Dianne Feinstein got it right. Wonder of wonders...

[fascisthunter]

7. Are Those all DLC Members?

[Massachusetts]

10. It does matter to the guy and gal on Main Street

Not Voting - 6
Bond (R-MO)- What me worry?
Boxer (D-CA)- Tsk, tsk, tsk
Clinton (D-NY)- Tsk, tsk, tsk, you are running for what?
Inouye (D-HI) - Whaaa?
McCain (R-AZ) - What me worry?
Obama (D-IL) - Tsk, tsk, tsk, you are running for what?

NO EXCUSES

[Zorro]

11. I want a break, too

I've lived within my means. I've made my mortgage payments on time. I read and understood my payment obligations per the terms of the contract.

So I'd like some free money also for showing my responsibility in managing my affairs. Don't I deserve it too?

[Pithlet]

12. No, you don't.

Just thank your lucky stars you aren't facing what many are facing even though they did all the same things you did. And remember that other's misfortunes can affect you as well, and that it's in all our best interests to stop as many foreclosures from happening as we can.

[Zorro]

13. I respectfully disagree

If they did all the things I did, they wouldn't be in their current dire situation.

If people chose to live a lifestyle they can't afford, then I have no obligation to help sustain them in that lifestyle.

I'm not interested in rewarding those that are poor risk managers. I think it is in the collective best interests to let the foreclosures and bankruptcies happen, and clear out that debt.

I think it's inappropriate to give judges the power to unilaterally change signed contracts; that is a slippery slope that will only lead to additional charges of unfairness in application.