Lining everyone else's pockets...

Senate Stalls on Housing Bankruptcy Bill

Friday 13 March 2009

by: Kevin Drawbaugh and Corbett B. Daly | Visit article original @ Reuters

Mary Ann Herrera at her home in San Antonio. Legislation that could help homeowners is bogged down in the Senate. (Photo: Eric Gay / AP)

Washington - Legislation meant to help distressed U.S. homeowners by allowing bankruptcy courts to adjust the terms of mortgages on primary residences has stalled in the Senate, said congressional aides on Friday.

Democrats backing the bill - known as "cramdown" and opposed by most of the banking industry - have been unable to line up the 60 votes needed to clear the way procedurally for it to move ahead, the aides said.

"We're stuck in a place where we don't have 60 votes to pass the House bill as is," said an aide to a senior Democrat.

They can find it in their hearts to give BILLIONS to A.I.G. but they cannot help the guy on Main Street.

... and people wonder why, as a culture, we have such contempt and distrust of politicians!!!