I am no economist, and I will be the first to say so. But sometimes reading an article I will see a paragraph jump out at me that makes no sense at all. This paragraph did that.
Pelosi told fellow Democrats during a closed-door meeting that
the idea of letting judges rewrite mortgages to help bankrupt homeowners avoid foreclosure won't be a part of the emergency legislation. That provision, pushed by several Democrats, would be a deal-breaker for Republicans whose votes are needed to pass the measure, she said, according to lawmakers at the meeting. Democrats: Accord May Be Near In BailoutI don't understand why the Democratic leadership would want to pass a bill that left out conditions such as that to help homeowners. Seems to me that would be a condition of any bill.
Two groups of our Democrats were instrumental in getting a bankruptcy bill passed in 2005 that favored the corporate world and
hurt the least among us badly.Guess what is NOT in the bankruptcy bill. There is a lack of exemptions for the ill, the disabled, the elderly who might have large bills from ill health....nothing to protect their homes and cars.
It does not exempt debtors whose financial problems were caused by serious medical problems from means testing. It does not provide protection for medical debt homeowners. Homes and cars could be lost under this new plan if you have medical problems.
It does not preserve existing bankruptcy protections for
individuals experiencing economic distress as caregivers to ill or disabled family members.
There is no provision to insure elderly people in financial trouble who seek bankruptcy could keep their homes. Republicans voted down a provision for it, and 3 Democrats from states with big credit card industries joined them.
Making the minimum payment on a credit card can often cause you to go
further in debt with the credit card company. An amendment was voted down by all Republicans and a few Democrats that would have required this disclosure on the danger of minimum payments.
It was the Blue Dogs and the New Dems who wrote a letter to Denny Hastert begging him to bring the above bill to a vote. He did, and it passed quickly.
Now Nancy Pelosi says the bailout bill won't include a part that will get help for the homeowners who are about to experience foreclosure....because the Republicans won't vote for the bill if it is included?
Explain this to me in simple terms, because I surely do not understand.
