Archive for May, 2009

Senate Lapdogs KowTow to Their Banking Masters

Friday, May 1st, 2009

On April 29, 2009, the US Senate, by a vote of 51 to 45, blocked passage of bill that would have allowed bankruptcy judges to modify mortgages in two important ways.
First, Judges could lower and fix interest rates. Many borrowers with subprime loans started out with low “teaser” rates for two or three years that [...]

by Michael Baumer