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With swine flu, the retirement of David Souter, and the bankruptcy of Chrysler, the media didn’t devote much space to the Senate screwing nearly two million mortgage holders yesterday. The Washington Post offered only a business brief about it in today’s paper:
Legislation that would have allowed bankruptcy judges to modify mortgages died in the Senate yesterday, handing the Obama administration a significant defeat in its plans to mitigate the foreclosure crisis.
Supporters argued that the measure would have kept 1.7 million borrowers in their homes. It foundered in the face of fierce opposition from the financial industry and Republicans. The legislation, offered as an amendment to a broader housing bill, failed by a vote of 45 to 51.
The measure would have allowed bankruptcy judges to modify troubled mortgages, lowering the interest rate or principal balance through a process known as a cramdown.
Senate Majority Whip Richard J. Durbin (D-Ill.) had negotiated with Bank of America, J.P. Morgan Chase and Wells Fargo for weeks, hoping their support would bridge the gap. However, even after the proposal was weakened significantly, the financial services industry refused to support it.
Incidentally, 12 Democrats joined with Republicans to kill the measure. “Democrats who received large contributions from the mortgage banking industry and opposed the cram-down amendment included Sen. Mary L. Landrieu of Louisiana with $25,400, Sen. Tim Johnson of South Dakota with $23,500 and Sen. Max Baucus of Montana with $18,000,” the Washington Times reported.
More from Ken Silverstein:
Commentary — November 17, 2015, 6:41 pm
The Clintons’ so-called charitable enterprise has served as a vehicle to launder money and to enrich family friends.
Freddie Gray’s relatives arrived for the trial in the afternoon, after the prep-school kids had left. By their dress, they seemed to have just gotten off work in the medical and clerical fields. The family did not appear at ease in the courtroom. They winced and dropped their heads as William Porter and his fellow officer Zachary Novak testified to opening the doors of their police van last April and finding Freddie paralyzed, unresponsive, with mucus pooling at his mouth and nose. Four women and one man mournfully listened as the officers described needing to get gloves before they could touch him.
The first of six Baltimore police officers to be brought before the court for their treatment of Freddie Gray, a black twenty-five-year-old whose death in their custody was the immediate cause of the city’s uprising last spring, William Porter is young, black, and on trial. Here in this courtroom, in this city, in this nation, race and the future seem so intertwined as to be the same thing.
Average speed of Heinz ketchup, from the mouth of an upended bottle, in miles per year:
After studying the fall of 64,000 individual raindrops, scientists found that some small raindrops fall faster than they ought to.
The Playboy mansion in California was bought by the heir to the Twinkie fortune, and a New Mexico man set fire to his apartment to protest his neighbors’ loud lovemaking.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”