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46% For, 54% Against
407 votes cast

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H.R. 1106, The Helping Families Save Their Homes Act of 2009 (117 comments ↓ | 9 wiki edits: view article ↓)

  • This bill has been mooted by the passage of another bill on the same subject or by other events. Check 'Related Bills' below to see if other bills on this subject have been passed into law. Mooted: 5/22/2009.
  • This item is from the 111th Congress (2009-2010) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

H.R. 1106 would prevent mortgage foreclosures and enhance mortgage credit availability.

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Visitor Comments Comments Feed for This Bill

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Jim

(logged-in user) February 25, 2009, 1:48pm (report abuse)

Reading through this legislation, I believe it is refined from the previous legislation and also not having the poorly crafted king ammendment makes the bill better constructed. hopefully this legislation passes and helps those who have problems related to their mortgages.

GED

February 25, 2009, 5:54pm (report abuse)

This is an extremely important step toward helping consumers stay in their homes and helping the housing market recover.

B.Allen

February 25, 2009, 6:25pm (report abuse)

This is the necessary legislation needed to put a bottom on the free fall of the Housing market and stabilize the economy. It will also help the homeowner keep their homes from predatory ARM's they didn't understand or were told would be refinanced.

Jim

(logged-in user) February 25, 2009, 8:08pm (report abuse)

The safe harbor provision will also remove the excuse servicers site for not modifying loans. Also no king flaw prevents those in need of this sort of correction to the laws from needlessly falling into foreclosure.

MattTX

February 27, 2009, 10:05am (report abuse)

can this be done prior to bankruptcy? This will help those in bankruptcy of course. But what can be done for those going in that direction but are trying to aviod it?

K.B

February 27, 2009, 9:35pm (report abuse)

REPUBLICANS STOP WORKING FOR THE

LOBBYIST, AND START WORKING FOR

THE PEOPLE. I WILL NEVER VOTE

REPUBLICAN AGAIN!!!!!! VOTE YES

TO H.R. 1106. HELP FAMILIES SAVE

THEIR HOMES.

DRR

February 28, 2009, 4:33pm (report abuse)

I am in strong favor of HR 1101. I played by the rules, now it\\\'s time to reap the benefits.

AAT

March 1, 2009, 9:38pm (report abuse)

I heard Dick Durbin, sponsor of a similar bill in the senate is backing off the cram down provision and that caused the blue dogs to pull their support for HR 1106 and so it was pulled off the floor on 02/06. Is that true?

Stan

March 2, 2009, 12:20pm (report abuse)

This bill does nothing for those of us that bought a home we could afford. It only asks us to pay for the foolish ones that bought a $200,000 home when all they could afford was a $100,000 home.

MC Price

March 2, 2009, 12:56pm (report abuse)

I own my own home - I owe no one - I live on $650 a month from S/S - I shop at Goodwill and I barter for yard work help. I have nothing left to give to the Stimulus Bill or the irresponsible borrowers/lenders. I thank God I am in the Autumn of my years!

l marie

March 2, 2009, 6:23pm (report abuse)

I am in favor of saving the homeowner. If I can save the owner next door from failing it will help to stop the escalating price drop in MY HOME. Where do I sign up to spend $338.00 and save thousands on my home value.

These BIG BANKS KNEW HOW TO SAY NO. Did they??? , NO!!! Did they make irresponsible loans that contributed to this horrendous mess,,, YES!!! Good people because of the banks bad decisions are losing their jobs and in turn losing their homes. And, BTW, MC PRICE, if you ever have an emergency and need to pull the $$$ out of your home, just try a reverse mortgage, Good Luck! Another lending scam!

Jim

(logged-in user) March 3, 2009, 12:01am (report abuse)

The Blue Dogs did not matter for HR 1106 being left as unfinished business. They rose for the state of the union according to the status. No doubt the Blue dogs are a hinderer from saving our economy.

The remark about people buying too much home is incorrect. Most people had loans with teaser rates which were affordable then later escalated to conditions as if they did buy too much home.

To the person on SSI, this legislation has nothing to do with your tax bill. It does not effect taxes since it only modifies the conditions of these predatory loans. Basically setting a predatory loan with an inflated appraisal to current market value, current conventional fixed rate with a modest risk premium.

As the posting above states, people are losing jobs, not getting loans and foreclosures are 45% of all existing home sales. The longer this legislation is delayed, so does more jobs disappear, less in homes and lower home values.

w. james

March 3, 2009, 2:28pm (report abuse)

i am losing my home because of the deregulated banks, i deserve a way to survive, if they won't help.... i am paying for the help given to them

Casualty

March 3, 2009, 8:45pm (report abuse)

I have been out of work for over two years. My savings and retirement accounts are exhausted and I did not qualify for any of the unemployment benefit extensions. I am making my mortgage payments on time and have managed to maintain a high FICO score. There will be no assistance for me under this program as this time. However, I support this bill because we must stop the decline of house values and because I may be next in line asking for help. I truly believe that the reason most people are in default is because they have lost their jobs or have experienced a reduction in their income. The others, well, we will always have those who are not as responsible as some of us and we will always have greedy Lenders.

Used to be Republican

March 3, 2009, 9:07pm (report abuse)

Has anybody read the text from the introduction of HR 1106 in congress on Feb 26th? Here it is "http://www.govtrack.us/congress/bill.xpd?bill=h111-1106&tab=speeches". Take a look at the blatant lies and false statements the republican party expresses. They are trying to raise the monster they created with the wallstreet "bailout". Suggesting that they're bailing out people in bankruptcy. I can bet most of them and their rich wallstreet cohorts have a second or vacation home that they'll get crammed down under current bankruptcy law. This is an equalizing bill. It gives us with only one home the same benefits as the wealthy. Vote for this and never vote republican again! Vote out the blue dogs next time around!

Jim

(logged-in user) March 5, 2009, 7:20am (report abuse)

Adding Conyers King ammendment to this legislation would be inappropriate since it is already available in his mirrored legislation HR 200 of Richard Durbin's proposed S.61.

His proposed dilution will only reduce the effectiveness of this legislation and only add complications to the process. Amendment influenced by MBA and other destructive to the economy entities do not need to dilute HR 1106 into ineffectiveness as tried with HR 200/ s.61

Concerned Mom

March 5, 2009, 7:31am (report abuse)

Many people are responsible for the housing crisis, but it is not me.I bought a house I could afford, read the terms,and thought long-term, as any home buyer should.I'm tired of being responsible and doing the right thing,just to have to turn around and pay for everybody else's mistakes.How can the government take my money to pay for other people's homes?It's just not right or fair.Our forefathers would never have condoned such action.They would have said that neighbors should help neighbors--not that neighbors must be forced to help neighbors.Besides, what's my incentive for doing the right thing,if I know the government will just bail me out no matter what.This bill is an example of what's wrong with America:I am not responsible for my actions,and throwing money at anything will make it better-ridiculous!Just like with a child,sometimes you have to let him fall to learn from his mistakes;Americans have a sense of entitlement that the government's perpetuating.It's just sad.

no more loans

March 5, 2009, 11:58am (report abuse)

If this passes, banks won't lend anyone money for a home. People will start walking into banks demanding that interest rates be lowered, principals reduced or they will threaten BK

Used to be Republican

March 5, 2009, 6:59pm (report abuse)

You may not be responsible for the meltdown, but if we don't stop transferring wealth to the banks and stop foreclosures you sure will suffer from it. Too many are looking at this bill like a bailout and that's simply not the case. The primary residence clause should never have been in the bankruptcy code to start with. Who do you think pushed so hard to get it in. The people? The working class who actually have to file bankruptcy? The banking industry and their lobbyist pushed to get this included. Time to level the playing field guys. This makes sense, and regardless of what the Republicans tell you, the world won't stop spinning if this is passed.

Proud to be Republican

March 5, 2009, 7:56pm (report abuse)

Before you start blaming republicans think about who let Fannie and Freddie lend all these loans. As congress man Lamar Smith said about this bill, "This legislation punishes the successfull, taxes the responsible, and holds no one accountable." Remember when candidate Obama said "Words Matter"? Just remember that with Obama his words, promises, and statements come with an expiration date!

Jim

(logged-in user) March 5, 2009, 11:06pm (report abuse)

The bill if the Conyers/King/MBA amendment does not cancel any anticipated effect for actually helping people out by removing the unjust favoritism that the mortgage industry counted on to provide no escape from the deregulated industry which ensured it would go as far as permitted by the lack of law to destroy the economies around the world. The anti-modification clause at 1322(b)(2) should have been stricken two years ago instead of still being a ongoing blemish to our laws. It will not encourage people to go BK just to lower their interest rate. The rates will be current market rate with a risk premium. The person in BK will not experience a windfall, it would only channel their available funds to pay off priority, secured by reducing the burden of ongoing payments for housing in especially predatory loans. The amount of principal that becomes unsecured would be paid back like other secured creditors. Regarding the GSEs, they did not market the subprime loans.

Listen

March 11, 2009, 11:13am (report abuse)

I pray that HR1106 passes. Our family has made our mortgage payments on time until last year when my husband lost his job & we had our second child all in the same month. What great timing for losing a job huh? We did buy a house we could afford ($1500mo @ 30yr fixed) & we live within our means. We had to file for Chp 13, and I was embarrassed to do so but we did what was best for our family. Now we are facing foreclosure. Our lawyer has repeatedly contact Chase Bank to try to renegotiate a loan but THEY WILL NOT TALK TO US! We want to pay but they refuse to give us any help. So, I do hope this law passes for the people who have lost their jobs & now cannot afford their homes. Everyone is mad about how people purchased homes they could not afford and because of this don't want this bill to pass. I understand that but there are people like us who didn't do that. Right now, we need to government to step in and help families in need

AZ mom votes yes on HR1106

Jim

(logged-in user) March 12, 2009, 10:48am (report abuse)

Now that the bill passed the house and is in the senate in the banking committee, I hope it is passed through the banking committee through the Senate and any other committee quickly so it can remove a privelege that lenders held above any other classification of creditors while also marketing loans which were destabilizing to the economy. The loans fairly modified by a third party would prevent further decline in the economy for loans that cannot be modified on people's main residences. This change is well overdue and should not have been included in the earlier legislation. Correcting the mistake made will equalize lender treatment in all classifications of loans, increase the likelyhood lenders will renegotiate loans before they lead to insolvency outside of bankruptcy.

LMW

March 13, 2009, 7:16pm (report abuse)

Used to be Republican - be specific about what you believe are the "blatent lies"....I see none. And, your obvious class envy shows that you aren't likely a past republican...

Listen

March 16, 2009, 11:10am (report abuse)

Does anyone know the best way to track this bill?

I am using "http://www.govtrack.us/congress/bill.xpd?bill=h111-1106" but it only records the major actions.

Thanks ;)

Barbara Ann Jackson

March 19, 2009, 12:35am (report abuse)

FORECLOSURE FRAUDS causes people to FALSELY lose ownership of their properties and be evicted, cheats Investors, and sometimes even mortgage companies. It occurs when debt collector attorneys deliberately file judicial foreclosures via defunct mortgage companies, or which do not own the notes. They illegally impose fees far beyond \"Acceleration Clauses,\" and make it impossible for borrowers to recover their properties or bring current their mortgages. Sometimes, through stolen identity, the foreclosure “plaintiff” is actually the disguised collector. Collectors make additional $$ from prolonged litigation. For predatory and deceptive mortgage lenders, foreclosure frauds enables real estate FLIPPING frauds. (e.g. September 2008 article about “LEHMAN BROTHERS” posted at www.lawgrace.org. Also, foreclosure fraud enables mortgage companies to file false IRS 1099\'s to gain tax write offs / credits (e.g: August 2008 post at www.lawgrace.org about WELLS FARGO).

joe major

March 19, 2009, 11:13am (report abuse)

moved from N.J. to Fla. worked from 16-42 wife from 17-40 and still working I'm now disabled and can't work collecting Social Security disability. I never asked anyone for a handout now to keep my house and raise my 2 children I must claim chapter 13. people with this holyer than thou attitude should look at themselves. ceo's, banks,moneymanagers = theives I was taken advantage of and don't consider myself gullable. I always voted republican never again. I don't care if the president is black white or yellow we need a smart honest person that is fair and we may have gotten that. I could post blogs and ask people I never met to send me 1 doller each and my problems would be over, but what about the people that lost their life savings and cut their 401k in half. government should hold these theives accountable and help the less fortunate that are trying to help themselves. The first step is to kick out all illegeals unemployment does't take a brain sergon. jmajorino@comcast.net

Claudia Parker

March 20, 2009, 11:18am (report abuse)

I agree with AZ mom and Joe Major. We didn't buy a house that we couldn't afford but bot my husband and I lost our jobs because they went to Mexico. We filed Ch 13 and are doing all we can to hold onto our home but it is like losing more than half of our income and now we can't aford a high-interest mortgage.We were not living beyond our means just some unfortunate incidents. Hope bill 1106 passes soon and that businesses that moved from USA to Mexico or other foreign places are taxed very heavily to come back into states.

Hope in Oregon

March 20, 2009, 5:16pm (report abuse)

Please call & email your Senators & Harry Reid..in fact all of them!

We need this passed. I am so tired of hearing how homeowners have to be responsible...I guess we are the only ones they want to hold to any type of a standard.

My husband has been self employed in construction for 25 years. Just a guy working 6 & 7 days a week for all those years. Now at 50 his body is broken down and his industry is dead. He doesn’t qualify for unemployment even though we paid in all those taxes for all those years. Unlike the banks that have out bailout money.

We still have my job but I don\'t make enough and without this bill our house is gone. Unlike the McCain\'s we don\'t have 14 houses..this is everything we have. The only place our daughter has ever lived and she losing it.

I invite the judgmental people out there to step into any of our shoes. We worked just as hard and often harder than they did. Open your minds & your hearts!

Call your senators today!!!

David Pugh

March 21, 2009, 2:43pm (report abuse)

I am against this legislation. I feel that it supports the idea that people can spend more than they can afford. A large portion of our economic situation is based on the idea of credit. We extend credit to those who cant afford to repay it and now make attempts to assist them in their debt. I am not in favor of paying money to support those who cannot support themselves, if their own decisions are what put them where they are. It would be the same as me going to buy a 50,000 dollar car and then trying to get my community to help pay the bill because I dont make enough money each year. Its pretty ridiculous.

Sharita

March 21, 2009, 2:54pm (report abuse)

While you have a valid point David...what about those of us that have worked hard to get what we have and could damn well afford it when we got it and 3 years later our economy crumbled and WE...the ones that could afford it took the biggest hit...what about those people? Oh right, in the true American way, we won\\\\\\\'t talk about those people because well that\\\\\\\'s a good point, so we\\\\\\\'ll concentrate on people that did wrong...Give me a break!

tina

March 24, 2009, 1:12am (report abuse)

in the past, people who lost their jobs would be able to sell their homes, pay off the mortgage with the proceeds and walk away. now we are seeing people foreclosed and walk away. this is bringing down values and hurting us all - sellers, buyers and yes, banks too. this situation may have started with people lying on their applications and predatory lending but now it is moving to folks who have been hit by economic circumstances such as losing their jobs and they can not sell their houses because NO ONE is willing to pay enough to cover the seller's mortgage liability due to falling home prices!!! get it people?????

nita

March 25, 2009, 1:18pm (report abuse)

Im currently in bankruptcy since 2007. my budget setup allowed me $43 a month for our incidentals. We're fixed income so when economy went up, we couldn't afford monlty payments. now the only way to save our home says mtg co. is to pay double payments for 9 months. Is there any help withour h r 1106?

Intrest rate is 10%

joe johnson

March 27, 2009, 10:40am (report abuse)

This is what was sent to Senator Reid

Sir,

Why don\'t you speed up H.R.1106 / S.61? Its probably a more timely issue than healthcare.If people are not able to keep their home,do you think healthcare is feel better about being homeless.You have released press state ments that you don;t think mortgage bankruptcy legislation will be looked at til after the recess,therefore I am advising all of those that lose their homes during the break to contact you.Citizens of Nevada that lose their homes while the Senate worries about the mortgage/banking lobbyists and their concerns will probably remember those that did NOT help them,next election.What do you intend to do?

Joe Johnson

cc.AARP

Ethel Gibson

March 29, 2009, 7:31pm (report abuse)

I paid my bills on time too. What about the millions of people that have had their pay reduced, lost jobs, helping children out that have lost their homes and jobs. Republicans have stalled this bill for 2 years. Our home values, jobs, the world economy would not be suffering if they would\'ve took action sooner. H.R.1106/S.61 will jump start the world economy again. Researching and watching the news I have seen the Republicans have passed many bills hurting the Middle Class. I am just another Republican turned Democrat.

Kristen Bays-Moore

March 30, 2009, 5:40pm (report abuse)

Divorced,single mother of two. Three years w out child support. And the SOB still walks owing over $27,000.00 from today. Ruined my credit, no means to have the money to fix the credit that what?, this nation put on us!? Well, lets do something about the dead beats, and maybe the creditors that fill our message machines or force us to spill thousands of dollars on lawyers when it should be on our tables. Would get rid of the welfare need, state debt and dependency would be more minimal.Grab a Bible,read, whats going on is predicted. All you thieves are going down! The goodpeople, hang on its coming! Have Faith! Out of bad comes good!

Lori

March 30, 2009, 7:19pm (report abuse)

Giving bankruptcy judges the ability to "cramdown" balances will have far reaching negative consequences ro all.

If this bill passes lendors will make it harder for responsible people to obtain mortgages by tightening loan criteria-resulting in an even MORE depressed housing market.

I support legislation that would encourage lendors to work with people with TRADITIONAL loans and extenuating circumstances to RESTRUCTURE their loans WITHOUT LOWERING the balance. Why should responsible lendors pay for the mistakes of the irresponsible programs? Why should responsible homeowners pay the mortgage for irresponsible borrowers who just bought more than they could afford with ridiculous mortgage plans destined for failure?

I have sympathy for the average person who simply got caught in the circumstance of this economic crisis. But I have no inclination to reward the lendors or borrowers who participateed in "JUNK MORTGAGES" that helped create this crisis for the rest of us.

JimC

March 31, 2009, 8:42pm (report abuse)

Removing the exception will simply make our laws fair and force lenders to actually deal fairly with homeowners. At present with no proper regulation, the loans poorly underwritten are ending in excessive foreclosures which could have been reasonably prevented. Also the added ability to modify mortgages on peoples primary residence will not add burden on taxpayers.

Theresa

April 1, 2009, 9:36pm (report abuse)

I too was once a die hard Republican. Not a Democrat now, but belief profit at all costs is not a moral or ethical stance for any country to take. I believe in being fiscally responsible but I also believe that no one benefits by having a large percentage of our citizenship made homeless by a corrupt financial system. Like the guy above stated, the current bankruptcy laws allow the guy/gal with a second home to cramdown the value of property to its current market value. How many people filing bankruptcy do you know that have 2nd homes? It would be more logical to allow cramdowns on primary residences as everyone needs a roof over their head. Only the rich get such consideration. Those of us who have played by the rules have gotten screwed plain and simple. The point is that it is not our neighbor who devised the system - watch now as the USA becomes the USSA, oh I mean the North American Union(NAU).

JERRY

April 4, 2009, 5:52pm (report abuse)

TO THOSE WHO HR 1106 PASSED AND WANT TO SAVE THEIR HOME. THE SENATE WILL IN RECESS FOR 2 WEEKS AND THE BANKING LOBBY IS SPENDING A HUGE AMOUNT OF MONEY TO ATTEMPT TO DEFEAT THIS BILL ! THE TIME IS NOW TO "DEMAND" THE US SENATE TO PASS THIS BILL OR FACE BEING UNDER THE SPOT LIGHT FOR "SELLING OUT TO THE BANK INDUSTRY". THE BILL IS AT LEAST 10 VOTES SHORT OF THE 60 NEEDED TO PASS. GOOGLE ANY STATE AND CURRENT SENATORS YOU WISH TO CONTACT AND "DEMAND" TO PASS HR 1106 OR SENATE VERSION S.61 TO HELP FAMILIES SAVE THEIR HOMES. DO NOTHING... AND NOTHING GOOD WILL HAPPEN. OVERWELM WITH EMAILS, PHONE MESSAGES, LETTERS THAT WILL BE HELD ACCOUNTABLE IF THEY TURN THEIR BACK ON AMERICAN THAT "BAILED OUT" THE SAME INDUSTRY, STILL NOT WORKING LOAN GOOD MODIFICATIONS AND EVEN HAVING

NERVE TO USE THE SAME BORROWED MONEY TO BEAT DOWN THE HOMEOWNER FURTHER AND CONTINUE THE FORECLOSURE CRISIS. THE FORECLOSURE CRISIS COULD BEGIN TO END..WHEN THE US SENATES GET THIS BILL PASSED. GET IT DONE.

joe major

April 4, 2009, 11:08pm (report abuse)

chapter 13 court 4-20-2009 I owe on 1st 184k 2nd 21.5k. second striped 1st will stay the same. Home apraised at 110k. Keeping home I'm not in good enough shape to work a 5 hour day, whats more my lawsuit for my accident is in limbo. 3 more years and 1 child is 18 that leaves me less 245 a month. Again I was taken advantage of by banks and builder. It's no ones fault the market crashed !!!! Ceo's 1 million a year plus 5-28 million a year bonus. They made bad loans and sunk their own companies and got paid to do it. WHAT ARE YOU MISSING. Even if I were well enough to work, don't know if I would be in good financial shape. Maybe mr macain or the ceo's could put me up in one of there homes. Rich get richer and now not only poor but middle class must pay for others mistakes. What gives anyone the right to say some people shouldn't own a home. Everyone should have a roof over thir head,this is the usa or it use to be. The gov and banks and investors who drove oil prices up should pay up.

shelly

(logged-in user) April 5, 2009, 2:55pm (report abuse)

I find it so sad when people only comment on those who bought homes they could not afford. I am sure this is the case for some but NOT ALL. My husband and I purchased our home 16 yrs ago. He works construction and lost his job. I still work, we fell behind and I could not get my bank to help at all, spoke to an attorney, on her advise called them several times and never anything sent letters to representives and got nothing from them. Forced into chpt 13, because I refuse to give up my home without a fight. Tell me again, why you would not want this to pass. Better yet sit down with me face to face look at my 2 childer 10 and 13 and explain to them why they have to leave their only home. Sorry but not everyone has bronken rules, some of us play by those same rules you do, and still end up in this situation. Every story is different, every situation is different. Maybe letting a judge review it is the best way. I hope and pray this will pass my family needs it to.

mary beth

April 6, 2009, 3:25pm (report abuse)

Why has this bill been shoved in the closet?My husband and I bought a home in 1998, a house we could afford, and we put 20% down!In 10/04,my husband who is a self employed general contractor was in a horrible car accident(hit by a driver who crossed the road)he needed several surgeries and I called our mortgage company to see if I could work something out, Ameriquest suggested a re-fi they appraised out home at over $300.00 per sq.ft.in rural NE-PA! And the fixed rate loan was not fixed, and the story goes on and on Ameriquest was shut down in 49 states by the federal government! But they have done nothing for the hundreds of thousands of people whose lives they have ruined! In 2006 I had to file a chapter 13 because the rate kept going up and my husband was still not working full time, Now paying 8.9% is not enough, they want 10.5%(Aug 08)!Enough the judge says if this was a 2nd or 3rd home he could write it down but not the roof over my head,the senate needs to pass this bill now!

John Lee

April 6, 2009, 3:34pm (report abuse)

They say this bill will kill the banks who are they kidding, most foreclosed homes are re-sold by the banks for on average 35-50% less then what is owed on them, so why don't they let the person who owns the home now get the break! This whole thing is just horrible hundreds of thousands of homeowners did not buy homes they couldn't afford, they just lost their jobs,fell ill, or suffered a serious problem that led them to get behind!!!The economy has destroyed so many peoples lives the senate could help so many homeowners by passing this bill, but then their banking friends might not make 6 figures this year! We need to keep on our senators the congress has passed this legislature and it lying in senate under a rock!!!!

Let's get this passed!

April 6, 2009, 4:03pm (report abuse)

Here is how you can all help pass this bill. Go to http://www.nacba.org/S61/ It will list many ways to contact your Senator. I have chosen the 3rd one on the list, to email my senator. It has a pre-written letter & all you need to do is fill in your information. It will then send that email to different email addresses: such as your Congressman, Senator & even to the White House. Please pass this information along to everyone. Let's all speak up & get this bill passed once & for all!

Jim C

April 7, 2009, 7:19am (report abuse)

A month long recess for these Senators without first passing this legislation. A shameful event for those representing our laws. Hopefully we'll get this legislation after their undeserved recess.

Erin S

April 7, 2009, 9:35am (report abuse)

I have a sad feeling that the reason the Senate hasn't passed this bill yet is cause they are hoping we will all forget about it and then they can sweep it under the rug. i believe we should all keep record of who votes against it and who gives that senator kick back and such and post that information on the web and when it come to elction, do not reelect.

Waiting til after recess just shows us they don't care about the "people" anymore.

Lobbists and bankers are running the world and look at their bang up job they have done so far.

Marco287

(logged-in user) April 7, 2009, 11:41pm (report abuse)

We all are responsible for this crisis borrowers, banks, brokers, and regulators. We got trapped into this unsusteinable exhuberance of credit. Now, we hope that the Senate act for the benefit of America rather than for those special interests. They got their bailout already with OUR MONEY, what about us? we deserve our chance as well for the American dream. Senator Dodd and Senator Shelby, our leaders of the Senate banking committee, is easier pointing finger rather than acting with courage and responsability. The American people expect your good judment, and HR 1106 will help to unravel this mortgage mess because the Banks-Financial companies unfortunately do not want to work in good faith with the troubled homeowner. And WE THE PEOPLE OF THE UNITED STATES OF AMERICA demand fairness.

We need to act now and not standby and wait

April 8, 2009, 12:18pm (report abuse)

from recent article:

Senators who need to hear from real people about S. 61

Mar 12, 2009 Developing law, Real property & mortgages

The banking industry is swarming over Capitol Hill in an effort to gut or defeat S. 61, the Helping Families Save Their Homes Act. The latest tactic is to try to limit the loans that can be modified in bankruptcy to sub prime loans.

These Senators are thought to be undecided or subject to being swayed one way or the other:

Max Baucus – Montana

Robert Byrd – West Virginia

Tom Carper – Delaware

Tim Johnson – South Dakota

Mary Landrieu – Louisiana

Joe Lieberman – Connecticut

Blanche Lincoln – Arkansas

Claire McCaskill – Missouri

Ben Nelson – Nebraska

Mark Pryor – Arkansas

Jon Tester – Montana

If you or family or friends are constituents of any of these lawmakers, give them a call or email in support Call them toll free: 877.354.4958

Or email at: www.nacba.org/TellCongress.

act today

April 8, 2009, 12:19pm (report abuse)

con't from previous article:

The freshman Democratic Senators have no history with this issue:

Mark Begich — Alaska

Michael Bennett – Colorado

Roland Burris – Illinois

Kirsten Gillibrand — New York

Kay Hagan – North Carolina

Ted Kaufman – Delaware

Mark Udall – Colorado

Tom Udall – New Mexico

Mark Warner – Virginia

A few Republicans

Bob Corker – Tennessee

Richard Lugar — Indiana

Mel Martinez – Florida

Arlen Specter — Pennsylvania

George Voinovich — Ohio

If you or family or friends are constituents of any of these lawmakers, give them a call or email in support of a no cost opportunity to stop the housing collapse.

Call them toll free: 877.354.4958

Or email at: www.nacba.org/TellCongress

Ask them to support a strong and comprehensive judicial mortgage modification bill.

no

April 10, 2009, 11:39pm (report abuse)

no

NO

April 10, 2009, 11:39pm (report abuse)

NO

Bobby King

April 11, 2009, 9:41am (report abuse)

Current Bankruptcy legislation favors those who own multiple properties and allow the bankruptcy judge to restructure their debt. There is currently NO provision for homeowners who own only their primary residence to have that property included in a banruptcy settlement. This bill should be supported and passed becuase it helps the vast majority of American families. I support it and aske that the Senate not delay in passing it. People need this remedy NOW!

JAMES

April 11, 2009, 10:48am (report abuse)

*********YES,YES YES ***********

HR 1106, S.61 "HELPING FAMILIES SAVE THEIR HOMES"

THIS BILL IS GAINING SPEED AND ATTN ! EMAILS, PHONE MESSAGES ARE PILING UP. PETITIONS GROWING. MEDIA OUTLETS ARE TAKING NOTICE TO THE BREWING BATTLE....

***************

MOST LIKELY ANY "NO's" THAT ARE SEEING POSTED ARE EITHER :BY "BANKERS" OR BY THE "BANK LOBBY"....

LET THE SENATORS KNOW THAT AMERICANS WILL NOT TOLERATE.."BAILED OUT" BANKS.. TO....... "BUY OUT" THE SENATE WITH BORROWED TAX DOLLARS !

***MAKE OUR VOICES HEARD!***

TO CONTACT :GOOGLE... MY SENATORS

****************

SEE, READ AND SIGN PETITION S.61

GOOGLE... PETITION S.61

RICHARD GEORGIA

April 11, 2009, 12:06pm (report abuse)

I SEE SOME OF THE PEOPLE ON HERE HAS NOT BEEN AFFECTED BY LIFE AND ECONOMY. I PURCHASE A HOME IN MID

2000 WHICH I COULD AFFORD. IN EARLY

MY WIFE HAD BREAST CANCER WHICH CHANGED OUR INCOME FOR A YEAR, SHE ALSO IS IN NEW HOME SALES WHICH IN THE YEAR SHE COULD NOT WORK = LOSS OF INCOME. I HAVE BEEN IN THE CONSTRUCTION BUSINESS FOR YEARS AND MY BUSINESS DIED IN MID 2008. WE HAVE LOSS OVER 50% OF OUR RETIREMENT AND HAD TO USE EVEN MORE TO KEEP EVERYONE PAID. AT THIS POINT THE VALUE OF MY HOUSE HAS LOST ABOUT 25% AND THERE IS A LOT OF VACANT IN MY NEIGHBORHOOD.

RICHARDGEORGIA

April 11, 2009, 12:11pm (report abuse)

EMAIL YOUR SENATORS AND HAVE THEM VOTE YES, YES, YES,

J Major

April 14, 2009, 11:00am (report abuse)

I guess the senate is still on easter vacation. This is shamful. I guess no one is in any rush to help anyone else. E-Mail your senators, make some noise. Don't let good people lose their homes, enough have been lost already.

Cprice

April 16, 2009, 11:06am (report abuse)

VOTE YES YES....29,000 teachers laid off in California, house worth 62% of original value. I have a fixed rate, 20% DOWN LOAN AND now only one income because of the state of California. 29,000 more foreclosures coming in June. We need help now. Teachers are the base of the nation. We are underpaid and over worked and now we;re not even paid! Force the lenders to modify!

PASS HR1106 ASAP

colorado

April 16, 2009, 3:44pm (report abuse)

I agree we need to get this bill passed ASAP. Vote YES!!!!

m287

April 16, 2009, 11:33pm (report abuse)

Please clink on the link for the latest sad news for the HR 1106, don't get discourage the battle is on.

http://www.bloomberg.com/apps/news?pid=20601087&sid=adgW4b9qlE4A&refer=home

Paula M. Heim

April 20, 2009, 1:45pm (report abuse)

Are you kidding me. In Valencia, CA 7 out of 10 people with the subprime loans have Spanish surnames, How many of these are not citizens. No freebees for anyone not a citizen. Someone should be suing the people that made the loans and get our money back.

our govern not looking out for us anymore

April 22, 2009, 4:54pm (report abuse)

Much of the behind-the-scenes opposition has come from Arizona Senator Jon Kyl, a Republican, who sources say has been strongly in the corner of bankers over the proposed bankrupty reform

look at this article

http://www.housingwire.com/2009/04/22/cramdown-legislation-hits-senate-roadblock/

Judy in Alpine

April 22, 2009, 6:34pm (report abuse)

HR1106 will force the lenders to move forward with FDIC modification guidelines. This is what they received the government money for. This bill does not use taxpayer money to solve the real estate issue. They should also force the lenders to liquidate their stockpile of REOs to generate their own asset money rather than using taxpayer money. Now they are using the government money they received from taxpayers to fight against those same taxpayers and move aggressively to foreclose on american's homes.

Judy in Alpine

April 22, 2009, 6:43pm (report abuse)

Alot of you have not read this bill. It has wording which would require % of paybacks if home sold prior to 5 years. This eliminates those comments indicating that people will use this for profit. This is the only bill that will allow people to remain in their homes. Lenders will save money as it is cheaper to allow people to cram down rather than incur foreclosure costs. It also is only until 2012 so this is not something that can be used once the this drastic economic downturn begins to right itself. This is only thing that will almost immediately stop foreclosures, short sales, and stabilize the market.

LY

April 23, 2009, 9:40am (report abuse)

We need to let failing things FAIL!! This is the very kind of thing that got us into the original mess in the first place...then we get an arrogant big spending administration with an out of control Congress, bailing everybody and everything out...we gotta get back to living within (or below) our means so we can get outta this mess. Government spending does NOT help a thing. Make it stop!

Are you kidding me?

April 23, 2009, 11:07am (report abuse)

People have lost their jobs!

How can you say, "We need to let failing things fail?" America is not about giving up & its about fighting for what you believe in. For all the people who have lost their jobs during these tough economic times, we need to speak up & have the government step in to help out families in need.

Apparently, there are still people out there who FORGOT about the ones who lost their jobs & have little ones to take care of.

To help out go to:

http://www.petitiononline.com/JMM2009/petition.html

and

www.nacba.org/TellCongress

listen LY

April 23, 2009, 11:10am (report abuse)

does LY stand for liar? So you are either connected to the banking industry or just have your head stuck in the sand? Drawing a hard line and not having any care about your fellow american is not only shameful but disgraceful. I guess until the economy problems come and knock on your doorstep people like you don't care about others. So you think letting 1/2 of americans lose their homes is a good thing? So you feel comfortable with our unemployment going up crime going up suicide going up, these thing sit well with you? So basically LY you don't care about people as long as it doesn't affect yourself. and guess what it does and will affect you if not now it will. So will you be singing the same tune when someone in your family loses their job no fault of their own and lose their house? What are you going to say to them? Too bad for you I think we should let failing things fail.

Johny

April 23, 2009, 11:35am (report abuse)

All Im reading in here is... Help me... I want socialism to help me. I want the government to pay for my 250k house that I bought knowing my wife and I only make 80k a year. Better yet the amount of poeple that bought 4 houses... refinanced for the maximum amount... then walked away with the cash. WHAT ABOUT THE FAMILYS THAT HAVE NO PROBLEMS? Lets make the poeple that are pulling thier weight pull everybody elses too!

Duffy

April 23, 2009, 11:57am (report abuse)

I know this will be criticized by the socialists like Obama who want to redistribute the wealth from people who have worked hard to people who quit school and sit home and drink and smoke and want other people to bail them out. I worked hard all my life, I sacrificed during my working years so I could save and have a secure retirement. I am tired of bailing our people who can't see beyond today. If you want to assign blame for this housing fiasco, look no further than Barney Frank and Chris Dodd. Barney would NOT let anyone change the rules the democrats set up for easy mortgages 20 years ago. Dodd got himself a sweetheart deal on his mortgage from Countrywide. If you want to blame someone, blame them.

do the right thing

April 23, 2009, 1:11pm (report abuse)

We don't need people to bail us out, just give the judges the power to help people who didn't buy too much. people who bought what they could afford now they can't cause economy is bad and business cut back hours, benefits or even get laid off. So big banks and insurance companys get tons of money with the promise to help this country and they don't. They get the money and say sorry we won't do it. We the people say okay if they refuse to help then let the law help us. Judges aren't giving away homes just helping lock in rates and maybe rewrite loans to market value. You think by not helping the lazy bums (which most of the people here who ask for fairness are not bums)that the economy will improve?? Okay say homeowner spends all his income on mortgage, which by end of loan the banks make 3 times as much as purchase price, then they cannot buy other item so noone is buying anything economy will fail that way. Stop blaming and fix the system. Stop letting the banks run the country

Read Article from 4/22

April 23, 2009, 2:00pm (report abuse)

'Cramdown' rejected by key negotiator:

http://www.politico.com/news/stories/0409/21571.html

NAFCU Board pressing its case on cramdown

April 23, 2009, 3:24pm (report abuse)

April 23, 2009 –

The NAFCU Board still opposes broad cramdown authority and remains supportive of a compromise more in line with that reached during the previous Congress, NAFCU President Fred Becker said in a letter Wednesday to Sen. Richard Durbin, D-Ill., the chief architect of a Senate cramdown package.

To read the rest go to:

http://www.nafcunet.org/Template.cfm?Section=News&template=/ContentManagement/ContentDisplay.cfm&ContentID=39013

Jim C

April 23, 2009, 7:56pm (report abuse)

To those referring to the removal of the exclusion of lenders on people's place of residence from modification, it is far from socialism to allow restructuring of debt. Capitalism cannot function without the ability to move on from financial setbacks. Predatory loans are as much a setback as capitalism can possibly tolerate. Nothing is incorrect or anti-capitalistic as to allow unscrupulous financial instruments to not be treated as other claims in restructuring.

To Old To Run

April 24, 2009, 9:21am (report abuse)

What all of the government legislation misses is that the federal government mandates that the banks must foreclose on non-performing loans (loans that are not receiving regular payments). The legislation does not address the true problem, people that are over obligated or mismanage their money. If the borrower is not financially responsible there is no amount of modification that will save their homes. Less than 20% of modified loans actually do not redefault. Throwing money at this issue and not requiring the borrower to make responsible financial decisions will not resolve this issue. Financial institutions can and should modify loans and assist borrowers that are capable of supporting their debt if they have experienced a catastrophic event in their lives. They should not reward irresponsible financial behaviour. That is how we have gotten into this mess in the first place. Bankruptcy judges are not capable of reworking loans, they are lawyers.

Housing measure nears Senate action

April 24, 2009, 11:18am (report abuse)

April 24, 2009 – www.nafcu.org

The Senate could take action as early as next week on housing legislation addressing mortgage modifications, other foreclosure prevention and NAFCU-supported federal share and deposit insurance provisions, association lobbyists learned.

The last legislative action on housing finance issues was in the House, which in March passed H.R. 1106, a bill providing for modifications, cramdown authority, plus the federal share and deposit insurance measures.

The current Senate draft package would make permanent the $250,000 limit on insured-account coverage (which is now set to expire Dec. 31), permit several years for repayment of costs to the National Credit Union Share Insurance Fund of NCUA’s corporate stabilization actions and giving NCUA added borrowing authority during financial and economic crises.

LINDAdevos

(logged-in user) April 24, 2009, 10:27pm (report abuse)

pleases pass this bill.

Jim C

April 25, 2009, 8:30am (report abuse)

It is overlooked quite often that preset modifications usually result in higher payments thus more likely possibility of defaulting once more. Most loans causing problems were made with terms which are not obtainable. They should not have been originated, however since they were originated, the loans need modified into sustainable and succeeding terms. The difference between a theoretical 44% gain from a 5% gaining source are unrealistic and need to be addressed in order to salvage our economy from further failures.

Of course the scavenger economy will be negatively effected, however producers are valued well over scavengers who only devour other peoples works.

j major

April 25, 2009, 10:26pm (report abuse)

chapter 13 is now done. I now beleive this law is too late for me,I hope it will pass to help the rest of you. Throwing more money at it will help people now. Wheather you throw money at it or not, whatever side your on our kids and probably grandkids are screwed and will pay for it. If they don't give it to the homeowners the banks,car makers and just about every pet project you can think of will reap the reward, so pick your poison. I say help the people who are paying the bill (the homeowners) My home was built 12/06 paid 226k just appraised for 110k. I'm 44 and will never make the profit my parents made on theres, 6-7 times what they paid. my 1st home I made 2x and now lost more than that, really bad timing huh. This law should only apply to a homeowner with 1 home, all the rest give up your rental properties just like the people that were in front of me claiming they had nothing except a 2nd home altough upside down they were making money and claiming they had non. equity=cash

Martin K

April 26, 2009, 4:37pm (report abuse)

What part of GENERAL WELFARE doesn't Congress understand? This won't do a damn thing for me except keep housing prices artificially high and make it harder for me to buy my first home.

Cramdown vote expected with housing bill

April 27, 2009, 11:06am (report abuse)

April 24, 2009 – www.nafcu.org

The Senate is slated to vote on a mortgage cramdown bill this week when it takes up a housing measure that could include a NAFCU-backed increase in NCUA borrowing authority, distribution of corporate stabilization costs over seven years and a permanent $250,000 federal share and deposit insurance limit.

NAFCU continues to oppose broad authority that could apply to any type of mortgage, including those made in accordance with sound lending principles.

NAFCU was out front during the previous Congress in backing a compromise with Sen. Richard Durbin, D-Ill., that would have limited mortgage cramdowns in bankruptcy to certain subprime and Alt-A loans. Durbin is crafting a new measure, and NAFCU has been in discussions with his staff for several weeks in an effort to limit the bill's potential impact on credit unions.

Read More: http://www.nafcu.org/Template.cfm?Section=News&template=/ContentManagement/ContentDisplay.cfm&ContentID=39055

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