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BIG MONEY WINS, PEOPLE LOSE
On April 30th, the Senate voted down a proposal by Sen. Dick Durbina top Democrat to allow bankruptcy judges to lower the monthly mortgage payments of homeowners trapped by exploding interest rates. This bill would keep families in their homes, stop the decline in housing prices, and boost our economy.
But bankers screamed and Timid Timothy Geithner, the treasury secretary, cautioned against creating uncertainty for Wall Street.
Obama, who had pledged to stand with homeowners on this issue, suddenly disappeared. Then every Republican senator backed the bankers, as did 12 Democratic senators Baucus (MT), Bennet (CO), Byrd (WV), Carper (DE), Dorgan (ND), Johnson (SD), Landrieu (LA), Lincoln (AR), Nelson (NB), Pryor (AR), Tester (MT)and that brand new Democrat, Spector of PA.
Meanwhile, there is a boom going on in the economyin dunning the deceased!
Were not talking about collecting from big-time debtors who still owe several hundred thousand dollars on their yacht. No, these are workaday people who died while still owing maybe a couple of hundred bucks on their bank credit card, health insurance, or utility bills. A special sub-set of debt collectors now hits on the bereaved next of kin: Hello, Im very sorry for your loss, but theres this $211.36 balance on your mothers Visa, and we wondered who will be covering this?
Folks, there is no legal requirement whatsoever that the debt of those whove passed on must be paid by relatives out of their own pockets!