Quick Picks: Banks Lobby to Jam Up ‘Cram-Down’ Bill
Quick Picks focuses on a select few of the day’s stories from “Breaking on the Web.”
- The House is expected to pass legislation today that would let bankruptcy judges reduce struggling homeowners’ mortgage payments, but banks and mortgage companies are lobbying hard to make sure that doesn’t happen, reports the AP. According to the Wall Street Journal, “Senate Republican leaders are pushing an alternative that would steer troubled borrowers to low-interest loans backed by Fannie Mae and Freddie Mac.”
- A lawyer representing several Gitmo detainees told Reuters that “there have been many, many more reported incidents of abuse [there] since the inauguration” of President Obama but stressed that the mistreatment didn’t seem to be directed from above. A recent Pentagon report was “ridiculed” for glossing over the problems there.
Check out more of our roundup of the best investigative stories around the Web.
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1 comments
Purple Girl
Feb. 26, 2009, 4:41 p.m.
Oh Now the Repugs are all Lovey dovey about Freddie & Fannie?They’ve spent so much time blaming this entire financial meltdown on the mismanagement of those two, while vilifying Gov’t intervention on banking,now they want to shove all the gamblers bad bets under F&F?
Let’s be honest the housing debackle was on the leison, not the disease. F&F were not patient Zero. Teh Dems in congress may have encouraged more lenient lending standards, like Zero Down, but never suggested ‘Interest only’ scams.Proof these guys were pulling this crap is seen in what they’ve been doing with investment funds.Their All Ponzi Schemes- leveraging out 40:1.Betting and borrowing on Eggs not hatched,or even laid yet.
so Repugs want to push ‘low interst lows’ on mortgages- no big deal the same banks can then make up the loss in higher Credit card Interest rates right?Come on this is nothing more than a White collar Shell game.So if the con artist ‘loses’ the shell game, he’s gonna rip you off when he asks you to make change to pay you your ‘winnings’.The Con is well worn and their slight of hand too slow.
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