"Cram Down" Dies by Our Leader's Cowardly Hands
Here, let me piss off some fans of our Leader. From the now Kristol-free Grey Lady:
The bankruptcy solution would not cost taxpayers money, as would mortgage modification programs that could become part of the government's huge economic bailout package. But it certainly would harm the bottom line for lenders and investors holding mortgages.
Ya got that, chicklets? A no-cost solution that could help keep millions in their homes instead of tossing them on the streets. Sounds great, it even has support, and people willing to attach it to the stimulus bill. But...wait for it...guess who's too chickenshit to let such a win-win provision get added?
Sen. Dick Durbin, D-Ill., the chief Senate sponsor of the bill, said Obama persuaded him in a White House meeting Friday to remove the bankruptcy proposal from an economic recovery package -- to ensure it doesn't jeopardize the stimulus bill. But Obama pledged his support for the bankruptcy solution, Durbin said.
Obama said he would work with Durbin to attach the proposal to other ''must pass'' legislation -- with the hope that supporters of the overall bill would not vote against it because of the bankruptcy provisions.
Gosh, that's going to make this guy so happy. I mean, it's about 10F here in MI today, perhaps it'll be warm by the time he's out on the street.
''I'm living from day to day, hoping to make it through the day. I worry about my family, where we're going to live, how we'll survive,'' said, Butler, who has a disabled wife and two children, ages 15 and 11.
The lending industry has voluntary programs in place to change mortgage terms. But Butler's lawyer, Peter Bagley, said it was a nightmare trying to contact his client's lender.
First, he was told the application for a loan modification would take at least 30 days to process. Bagley then called someone with authority to stop any sale of the home, but only received voice messages that the mailbox was full. The application never arrived.
Hope is warm and fuzzy, and fills those lil tummies so well, doncha know.