A central piece of President Barack Obama's plan to aid strapped homeowners is running into turbulence in the Senate as Democrats scramble to secure support from both parties' moderates.
The bill, which has already passed the House, would allow judges to write down mortgage debt for people in bankruptcy court. Democratic leaders have long sought such a "cramdown" provision for homeowners.
But in the Senate, the measure has become a flash point for tensions between lawmakers who seek to aid homeowners -- in particular homeowners who owe more than their house is worth -- and lawmakers who feel such assistance penalizes people who have kept up with their debts.
The bill needs 60 Senate votes to clear a procedural hurdle to passage, and Democratic aides say they are several votes shy. They had hoped the bill would reach a vote before the April recess but it has yet to be scheduled. Senate aides involved in the talks say that timing may slip further.
This web-log calls for the repeal of the 17th Amendment and addresses the hegemony committed by the US Senate. The first significant step to remove the domination and unmistakable corruption deriving from the National Government and the restoration of the Federal is to repeal the 17th Amendment. Americans should fear the steady hegemonic growth by the Senate oligarchy because the US Constitution cannot be spoiled by bombs, the courts, or the President, but only through malevolent legislation.
Tuesday, March 17, 2009
Mortgage 'Cramdown' Plan Hits Turbulence in Senate
Mortgage 'Cramdown' Plan Hits Turbulence in Senate; Wall Street Journal
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