Jane Hamsher: Over $42 Million Paid to Lobbyists Working to Defeat “Cramdown†in 1Q 2009
“[Cramdown] which would have allowed judges to write down mortgage principle to current market values, could have played a significant role in stemming the foreclosure crisis. It is estimated that it would have prevented 20% of foreclosures at no cost to the taxpayers. Recently, Senator Richard Durbin gave a speech on the floor of the Senate where he indicated the banks ‘own us.’ He also indicated that between now and 2012, some 8 million homeowners may lose their houses in foreclosure” – Hamsher in Firedoglake .. read more
This entry was posted on Tuesday, May 5th, 2009 at 8:38 AM and filed under Blog Posts, Economics, Politics. Follow comments here with the RSS 2.0 feed. Skip to the end and leave a response. Trackbacks are closed.
