The US Senate killed an amendment to the Helping Families Save Their Homes Act today that would have helped thousands of NH residents keep their homes by letting them seek court relief from crushing mortgage burdens. The amendment gave bankruptcy judges the power to reduce the size of a mortgage to help people who are in danger of being foreclosed on. It was an important part of the effort to restore our housing market and indirectly stabilize the economy.
The amendment was fiercely opposed by the banking industry, who said it was nothing more than a bailout to the poor and middle class. This is the same banking industry that pushed hard for a bailout for themselves a few months back. Go figure.
Not surprisingly, Senator Gregg sided with the banksters on the vote. Paraphrasing Charles Pinckney, apparently he believes in "Millions for the banking industry, but not one cent for the middle class".
Senator Shaheen understood that people desperately need help in this economy and voted for the amendment. It was defeated when all 40 Republicans voted against it along with 11 Democrats, including our newest recruit from Pennsylvania. Old habits die hard, I guess.
I hope the 1.7 million Americans who may lose their homes in foreclosures as a result of this travesty remember this vote, and remember who was on their side and who was more interested in doing the bidding of the bankers.
