Tag Archives: Mortgage Bankers Association

Banking to the Right

From the Los Angeles Times:

The financial services industry is in trouble over its role in crashing the world economy, but that doesn’t mean its lobbyists have lost all their muscle on Capitol Hill.

Exhibit A: The Senate delivered a stinging rebuff to President Obama and consumer advocates Thursday by rejecting a measure to help homeowners facing foreclosure.

The vote was 51 to 45, with 12 Democrats joining Republicans in opposing the proposal, under which bankruptcy judges could order lenders to reduce the principal on home mortgages.

The proposal, which sailed through the House in March, was a key part of Obama’s plan to reduce the tide of home foreclosures.

Damn! Even Evan Bayh voted yes! Not so these twelve, who…


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