Bloomberg says the Senate will try passing the bailout plan tomorrow. Apparently only Republican amendments are allowed.
Also, this:
Some Democrats want a provision that would allow bankruptcy judges to alter the terms of a home mortgage for individuals in bankruptcy, even reducing the principal balance. That would be a deal-killer for many Republicans, a danger that [...]
U.S. House of Representatives defeats the bank bailout “deal”.
205 in favor of the legislation and 228 against. Democrats: 140 for, 95 against. Republicans: 65 for, 133 against.
It’s obvious that the House GOP “leaders” either a) speak for very few of their members, or b)Â have been playing election games. (As Atrios says, “Don’t play football [...]
Here’s the language in Section 109 of the bank bailout bill, as released yesterday, that defines what the government can do to stop foreclosures on homes whose mortgages are linked to “troubled mortgage-backed securities” that the Treasury Department will buy with its $700 billion;
To the extent that the Secretary [of the Treasury] acquires…Â mortgage backed [...]
Something new this morning. I just created a personal blog at Josh Marshall’s Talking Points Memo Cafe, where I’ll post occasionally about national issues (like the current bank bailout debate) that have major consequences for communities like Cleveland… and maybe local events of national interest.
Here’s the first post.
Yesterday the Department of Housing and Urban Development released its allocations of the $3.9 billion in Housing and Economic Recovery Act funds approved by Congress in July to help states and communities tear down or rehabilitate vacant foreclosed houses. Ohio will get $258 million, of which about $30 million will come to Cuyahoga County: $16.1 [...]
I am pretty sure that throwing $700 billion at owners of “troubled” mortgage-based securities will have about as much long-term impact on the credit markets as throwing $300 at me had on economic growth. Barack Obama evidently has people he trusts who are telling him otherwise. Okay, I can live with that.
But two things really [...]
Here’s the deal, apparently. Okay, maybe not.
But based on that “Agreement on Principles” (which the Democratic leadership was ready to go with) plus what I heard in a conference call with Sherrod Brown and his staff two hours ago, I’ll say this unequivocally:
There will be little to zero meaningful help to homeowners facing foreclosures, [...]
Missed this the other day, thanks to Andrea for the tip. From a press release issued by Senator Hillary Clinton on Tuesday:
Senator Clinton is calling for the creation of a new Home Owner’s Loan Corporation (HOLC) to launch an effective mortgage modification effort on the scale and scope of the successful Depression-era program. This must [...]
Charu Gupta, rapidly establishing herself as Cleveland’s Essential Journalist, surveys the current state of “planning” for the Convention Center / MedMart project. No big new revelations, but this is interesting in the usual depressing way:
None of the four major companies in the convention logistics business, the veteran source says, were called on by GCP researchers. [...]
The Bush/Paulson $700 billion bank bailout bill is three pages long, and became Internet-available last Friday.
But John McCain told WKYC-TV’s Tom Beres today that he hasn’t seen it in writing.
At least that’s what he seemed to be saying.
Here’s the exchange, from an interview conducted today in Middleburg Heights and broadcast on Channel 3’s 6 pm [...]