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Congress and White House Address Debt Slaves

When banks made ruinous financial bets, they will be bailed out.  They will pay record bonuses with taxpayer money.  When, you, the average American, makes a bat bet on your house: Hit the streets. Democratic leaders failed to revive legislation that would let bankruptcy judges rewrite mortgages to lower homeowners' monthly payments. The measure was rejected by a 241-188 .The Democrats have a majority in Congress, and thus clearly had the votes needed to help average Americans who want to keep their homes.  Wall Street downs the Democrats, though.  They also own President Barach Obama.Democrats hoped that by inserting the provision in the regulatory legislation they would have had another opportunity to make it law. Aiding homeowners through bankruptcy had been a key feature of President Barack Obama's foreclosure fighting proposal, but the president did not push for it...continue to full post

Full post as published by Crime & Federalism on December 11, 2009 (boomark / email).