U.S. House rejects mortgage "cramdown" measure

U.S. House Rejects Mortgage "cramdown" Measure

WASHINGTON (Reuters) - In a win for the banking industry, the U.S. House of Representatives voted on Friday to reject a measure that would have allowed bankruptcy judges to change the terms of mortgages for distressed homeowners.

http://www.reuters.com/article/idUSTRE5BA3CN20091211

Yet again the powerful banking lobby with plenty of taxpayer cash available has defeated the interest of the taxpayer by lobbying hard ans fast against a bill that would allow bankruptcy judges the ability to use their discretion when discharging 2nd mortgage debt.

As long as politicians fear losing elections the will and best interest of the people will never prevail.

Our government has become the posession of the special interest. One only need look at the debate and progression of this issue as an indication of what happens when politicians have the ability to give money to their campaign contributors in the form of a bailout unabated by rules prohibiting the use of these same funds for campaign contributions.

I have spoken to many, many homeowners who have tried unsuccessfully to get assistance from the same Congressmen and Senators who have thrown this bone to their banking industry benefactors.

WHAT THEY HAVE DONE HERE IS A SHAME....

Write, email and/or call your politicians TODAY!!!

Find your congressperson here:
https://writerep.house.gov/writerep/welcome.shtml

Find your Senator here:
http://www.senate.gov/general/contact_information/senators_cfm.cfm

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