What People Think
 |
 |
32% For, 68% Against
Take Action
| Vote on this Bill | |
  |
For |
  |
Against |
| Speak Out | |
  |
Comment on this Bill |
  |
Alert Your Friends and Colleagues |
  |
Write Your Representative in Congress |
| Save & Share | |
 |
del.icio.us |
 |
Digg |
 |
|
 |
|
 |
|
 |
Yahoo! |
S. 2136, The Helping Families Save Their Homes in Bankruptcy Act of 2007
Revision History 
Below is the revision history of this article.
(Learn how to edit the WashingtonWatch.com wiki.)
(Latest | Earliest)
To look at a past version, click on its date. To compare any two versions, select their radio buttons and click on "Compare Selected Versions." To compare a past version with the current version, click on (cur). To compare a version with the preceding version, click on (last).
Savings per :
Learn More
Trackback URL: http://www.washingtonwatch.com/bills/trackback/110_SN_2136.html
RSS Feeds for This Bill
Keep yourself updated on user contributions and debates about this bill! (Learn more about RSS.)
Visitor Comments
Jim
This bill will help out people that were taken advantage of by the lending industry with loans with terms that are unfeasible once the affordable payment period expires. The limitation of title 11 in 1322(b)(2) is preventing homeowners from being able to save their homes once their loans are above their means. Having the loans removed from no touch condition to modification to conventional plus a risk premium will save a lot of homes and allow people to get back on their financial feet again. Without the striking of 1322(b)(2) making and completing a Chapter 13 plan is impossible or very difficult in most cases. This should increase completion of chapter 13 plans and add fairness to the code.
Jim
Since both remaining Democratic candidates support this issue and no Republican Representative, President or Senator supports this issue, it becomes part of the debates for our next presidential and the legislative selection for the next election. It is obvious that the Republican party is not concerned too greatly with saving families from foreclosure.
Jim
You would think this legislation or s.2636 would get higher priority attention since the crisis will not get better and damages would be headed off if this legislation was passed into law. hat are they waiting for? Easter is a short time away, so they can proceed if the holdup was waiting for Easter.
Jim
It appears that there are 10 Democratic Senators who are also bought and paid for as are most GOP Senators that are preventing this badly needed legislation from getting through the Senate. Including this legislation as Title IV in s.2636 demonstrates just how corrupted the Senate is. This corrupted element not only damages the confidence the American people have about Congress, it also defeats the positive efforts set forth by Durbin, Obama, Clinton and one of my Senators Sherrod Brown from propelling this legislation through the withered Congress. Of course the only way to cleanse the system would be to replace the corrupted officials or to at least make it less possible for those that are being purchased by big money from profiting from their legislative sabotages.
Jim
Part 1:
I found out that our other Senator Voinovich somehow believes that 1322(b)(2) keeps us in lower interest loans by reducing the risk to lenders. Well, maybe it reduces the risk to lender, however it does not promote lower interest rates or cause interest rates to rise.
Interest rates will rise regardless if people lose their dwellings and the loans become only 66% recover for the banks and also consume 5 grand or there about in order to obtain possession of the properties in foreclosure.
Jim
part 2:
With 1322(b)(2) stricken as it promotes bad lending practices as is demonstrated by the bailout of Bear Sterns and the massive financial losses to all but CEOs and other controlling figures. Striking this provision which only allows no fear of loan modifications in Chapter 13 Bankruptcy only allows 600 thousand homeowners to not be able to at least give back the home value at an interest rate which will return at least a fair return on the investment.
It appears that this standalone version of the bill needs to be passed so that the greedy lenders and corrupt politicians can devour homeowners as simple market corrections.
Jim
Correction:
This bill needs passed so that lenders and paid off by other than the constituents who these politicians are supposed to represent do not increase losses in our financial community, depose 600 thousand Americans as homeowners and still allow lenders to be free from negotiating loan terms before bankruptcy so they can prevent bankruptcies and acceptance of bad lending practices as an acceptable practice. It is not an acceptable practice.
Jim
The below Senators plus all Republican Senators have voted to table hr3221 amendment with similar provisions of this bill. For elections coming up these Senators are working for the bankers instead of the homeowner. IMO
Lieberman (ID-CT)
Baucus (D-MT)
Byrd (D-WV)
Carper (D-DE)
Johnson (D-SD)
Landrieu (D-LA)
Lincoln (D-AR)
McCaskill (D-MO)
Nelson (D-NE)
Tester (D-MT)
With 9 dissenting Democratic Senators and all dissenting Republican Senators, it is a bit clearer why this legislation is so stagnated.
Jim
HR 3609 is better legislation than how this legislation is written. After rereading this legislation this version does not hit the nail on the head but pounds on the neighboring structures.
1322(b)(2) is not directly cleared out as it is with HR 3609.
LT.
Oh, Boo Hoo gentlemen. Everyone is responsible for their own actions. Over 95% of all mortages are being paid. You want to bailout the "flippers. Let the open market take care of them, they just lost on a bet. get over it. The govt. is not our Mommy.
Smith
I concur, LT. The government is not our mother.
Mia
I agree with LT. The majority of Americans are responsible and don't blame others for their problems. Just like with health care: they want to change to a socialist system for 10% of the population that have trouble. Deal with the 10% not the rest of us. Government is the problem, not the solution.
Jim
You do not see any problem with unduly protecting banks by a provision which promotes corrupted policies. I will let you know now that this will change once this legislation passes. Work for a living and stop stealing money from honest people! Remove title 11 section 1322(b)(2)
Todd
Congress fails to understand that deleting or modifying 1322(b)(2) of the bankruptcy code to permit parties to agree would provide the escape valve necessary to solve the mortgage crisis. Only the people who truly need relief will seek it in the bankruptcy forum. And for those who do, bankruptcy court is the ideal forum in which the lender and the borrower can negotiate a compromise that is both commercially reasonable for the lender as well as sustainable for the borrower. Neutral, knowledgeable, federal bankruptcy judges are the perfect arbiters for these discussions. The arguments proffered by the lending industry -that such a change will result in higher interest rates is almost amusing in light of size the current meltdown.