Banks Best Obama in 'Cram-Down' Showdown ; Bankruptcy Judges Can't Ease Mortgages
The Washington Times › May 01, 2009
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Summary
Senate Democrats handed President Obama a rare congressional setback Thursday by helping to scrap his plan to give bankruptcy judges the power to force banks to reduce mortgage payments for struggling homeowners.
Critics said Mr. Obama failed to use any muscle to preserve the "cram-down" provision, but the president's allies in the Democrat- led Congress blamed lobbying by the banking industry for killing the bill.See the full content of this document
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Banks Best Obama in 'Cram-Down' Showdown ; Bankruptcy Judges Can't Ease Mortgages
Mortgage banking industry lobbyists, who gave more than $1.8 million in campaign contributions to Senate members in 2008, fought fiercely against the legislation, which was offered as an amendment to a housing bill.
Among those opposing...See the full content of this document
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