Skip to comments.Obama Promising Dangerous Bankruptcy Law Changes To Win Votes on Bailout Bill
Posted on 10/02/2008 9:46:27 PM PDT by Dems_R_Losers
Barack Obama called Maryland Rep. Elijah Cummings on Tuesday with a promise: As president, he would revisit bankruptcy laws to give judges more leeway to prevent foreclosures.
Obama didn't need to lay out a quid pro quo because the message was clear.
Cummings, who voted against the financial-markets bailout on Monday, told Obama he was open to changing his vote but wasnt there yet.
"I have to look beyond [the bailout] to a rainbow called Obama," he said. "When you bring in the Obama factor, that's very very important."
As the final high stakes vote on the bailout bill approaches Friday, Cummings is not alone among lawmakers who have found solid reasons to reconsider their vote. Whether it's the "Obama factor," or the fact that billions in new tax incentives have been added to the bailout bill, it's becoming clear that opposition is wilting to the $700 billion financial rescue plan just in time for a second House vote on Friday.
(Excerpt) Read more at politico.com ...
I heard Biden say that, and my jaw dropped.
Am I the only one who didn’t know they were considering this? Astonishing.
Here’s an article from Huffington Post (sorry for the source) saying he was against bankruptcy reform. He’s flip flopping or trying something shady by changing his position.
I heard Biden say that the judge could not only adjust the interest rate of the mortgage - but the PRINCIPAL as well. Let me put on my “It’s a Wonderful Life” hat for a moment. Aren’t banks the repositories of people’s money, invested by the banks in things like mortgages to bring the interest paid back to the depositor? Splain it to me Lucy, but wouldn’t principal foregiveness be taking the depositor’s/investor’s money and giving it to the borrower? At least through a foreclosure the investor would have possession of collateral that could be sold to recover the principal.
A rainbow called Obama... I am amazed, how does a person go from a nobody community organizer to the most connected man on earth in just a few years. Is Obambi the anti-Christ?
He sold his soul to something evil, that is for sure.
It’s been mentioned on other posts during the past three days. Because of the volumn of postings it was easy to overlook.
At least you know now what the Dems are intending to do to the mortgage industry.
I'm to the point where I'd almost pay the extra taxes one time for reparations if they'd just STFU about it once and for all, and go to jail and pay a fine double the reparations if they ever mentioned the word again.
Banks will want 50% up front.
Isn’t this going against the Constitution? This is NOT the task of judges.
Our leaders are living in a strange fantasy world
Here in Maryland they have a program they call ‘affordable housing’ where they buy lower income people houses in your neighborhood with your tax money. They call it ‘affordable housing’ because the voters support that, but its paid for by property and income taxes, making our lives less affordable, almost 10K in state and local income and property taxes per year. Dimwit democrat Obama voters here cant figure it out.
McCain: "Senator Obama you are for cram downs on peoples first mortgages, correct? See folks here is where reasonable intelligent folks like Senator Obama let their ideology get in the way of critical thinking and common sense. Folks what bank would want to get into a contract where the terms could be renegotiated later based on the whim of one of the parties. Would you in your life agree to a car loan where the financing company could by going in front of a judge legally double your payment because the dealer was under duress? No, makes no common sense right? Like my running mate Sarah Palin said, we are telling you the the truth here not lollipops and sunshine to buy votes. By pandering and telling you what you want to hear no matter how illogical Senator Obama has demonstrated his liberal views and how his lack of understanding how the the economy fundementally works is dangerous for America"
Obama: Umm, well um, umm..millions of homeowners ..are, um...struggling...um, um..
I assume you wrote this and he never said it. His support for this bill makes him agree with Obama that contracts mean nothing. I heard him and Palin say it was ‘greed’ and both parties are to blame, and he’s not even a republicans but a reformer, and Oh house republicans, vote forthe bailout bill and lose your seats so maybe I can be president:
Why Republicans supporting democrat’s investor bailout bill is political suicide link
I couldn't imagine them having this kind of power.
For those here who don't know what that means....
The bill allows the feds to say; "You owe $300k at 8%? Well, we will make it $100k at 5%."
iow....here, have a free house; the US taxpayers will cover you.
Biden repeated it last night as a plank in the obama platform.
Gov Palin should have jumped on that with both feet when Biden brought it up. Obama not only wants to allow bankruptcy judges to change the interest rate, he wants to give them the power to change the amount owed. And then he claimed that it would somehow benefit the lender!
Furthermore it mandates that holders of secondary mortgages (and home equity loans) will have to accept any amount that the feds decide to give as full payment.
Yea his support for this bailout is puzzling. But I think he was against the cram down and ACORN stuff. But you get no points with me on that. McCain is like the prodical son, you love him but man he does stuff to just pi*s you off.
The Senate 'rescue' bill contains provisions for the feds to reduce the interest and the principal on delinquent mortgages. It also says that holders of secondary mortgages (and home equity loans) must accept whatever the feds decide to give as full payment.
McCain signed it. It is virtually a done deal.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.