Caution -if you're tired of the lending industry ruling our world, taking bailout funds and not helping helping struggling borrowers, watching the below video may outrage you. On the eve of introducing Senator Durbin's Helping Families Save Their Homes Act of 2009, the Mortgage Bankers Association's annual meeting was taking place in D.C. Their meeting sounds more like a pep rally gearing up its members for a fight. But the fight isn't for their customers or even our economic recovery. The clip shows their discussion about the proposed legislation they dubbed "cram down" and their "do's and don'ts" when speaking to Congress and the public. The legislation, if passed, was designed to encourage mortgage holders to voluntarily work with borrowers by making mortgage modifications for their customers, something that countless borrowers claim they have not been doing.
Ultimately, if the lending industry continued to refuse to work with borrowers voluntarily, the passing of Durbin's Bill would have allowed bankruptcy courts to modify loans. Allowing the courts to work with borrowers would have helped keep 1.7 million families in their homes and saved $300 billion in home equity for the millions of families living in neighborhoods with foreclosures.
Sadly, the lending industry keeps being the driving force blocking any real change for struggling consumers and they proudly take credit for the Bill's defeat after the Senate voted it down. As Sen. Dick Durbin put it;
"...the banks own the Senate. And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place,"
Some comments made at the MBA "pep rally" indicate the lending industry cares mostly about keeping their power over at Capital Hill including;
When speaking to the public..."Keep pushing hard with public relations"
.."...the cram down vote may come tomorrow, and wouldn't it be beautiful for it to go down in defeat while we are up on the hill, the timing just couldn't be better, maybe a rainbow will come out tomorrow at the same time" David Kittle, Chairman Mortgage Bankers Association.
This week the battle will turn to credit cards. Reform has been passed by the House of Representatives, but still must get through the Senate, where as the New York Times puts it, the "industry has more clout."
Also See: Defeating Homeowners...
Watch what you're up against, and then let your voice be heard!
.
Ultimately, if the lending industry continued to refuse to work with borrowers voluntarily, the passing of Durbin's Bill would have allowed bankruptcy courts to modify loans. Allowing the courts to work with borrowers would have helped keep 1.7 million families in their homes and saved $300 billion in home equity for the millions of families living in neighborhoods with foreclosures.
Sadly, the lending industry keeps being the driving force blocking any real change for struggling consumers and they proudly take credit for the Bill's defeat after the Senate voted it down. As Sen. Dick Durbin put it;
"...the banks own the Senate. And the banks -- hard to believe in a time when we're facing a banking crisis that many of the banks created -- are still the most powerful lobby on Capitol Hill. And they frankly own the place,"
Some comments made at the MBA "pep rally" indicate the lending industry cares mostly about keeping their power over at Capital Hill including;
When speaking to the public..."Keep pushing hard with public relations"
.."...the cram down vote may come tomorrow, and wouldn't it be beautiful for it to go down in defeat while we are up on the hill, the timing just couldn't be better, maybe a rainbow will come out tomorrow at the same time" David Kittle, Chairman Mortgage Bankers Association.
This week the battle will turn to credit cards. Reform has been passed by the House of Representatives, but still must get through the Senate, where as the New York Times puts it, the "industry has more clout."
Also See: Defeating Homeowners...
Watch what you're up against, and then let your voice be heard!
.
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Outrageous. Please folks vote every one of them out of blinking office. Shame on the Senators and the bankers. Each of them should bow their heads in shame.