Senator Durbin I feel your pain!

After a disappointing vote rejecting on Senate Bill 61 entitled the Helping Families Save their Homes In Bankruptcy Act Senator Durbin commented,

"I am sick and tired of being asked to give billions of dollars to these banks when they won't in any way help the people who are facing mortgage foreclosure," Durbin said. "They're not renegotiating these mortgages and they refuse to support an effort to add legislation that would give them the keys to the courthouse door."

He added, "The American Bankers Association and the Community Bankers Association walked away from the table."

Ryan Grim reported on the HuffingtonPost.com,

"The banking and real estate industry has funneled roughly $2,000,000 into Landrieu's campaign coffers over her 12-year career, according to data from the Center for Responsive Politics. Bayh has taken in about $3.5 million. The financial sector is Nelson's biggest backer; he's taken $1.4 million from banks and real estate interests and another $1.2 million from insurance firms. Tester has fielded roughly half a million in his two years in office.

That's about nine million dollars -- far, far less than one percent of the amount taxpayers have spent to bail out the financial industry."

I hope we will all remember every member of the Senate who took money from the leading banking institutions as part of their campaign contributions and or voted against the Cramdown Bill.

ONE LAST SHOT TO GET A CRAMDOWN BILL PASSED - WE NEED YOU NOW EVERYONE!-

I am a member of the National Association of Consumer Bankruptcy Attorneys. We just received word from Maureen Thompson our Director for Legislation. She tells us that it looks the the cramdown bill, known as Helping Families Save Their Homes in Bankruptcy Act of 2009 (S. 61) is going to come up for a vote next week! This bill would give bankuptcy judges across the county the power to reduce the balance owed on a mortgage to fair market value. This bill is extremely important if most homeowners are going to be able to stay in their homes duing these tough economic times!

Unfortunately for the average homeowner, is not sufficiently organized to hire the largest lobbying firm in Washington DC to help get this bill passed. However, the National Association of Federal Credit Unions sure has the money and the clout to hire Patton Boggs LLP to try to squash the cramdown bill. Earlier this week, they informed Illinois Sen. Dick Durbin that it still had questions about Democrats' plans to let cash-strapped homeowners modify their mortgages through bankruptcy proceedings. They unanimously voted to oppse the cramdown bill.

Folks, this is a do or die vote. We the people have to come together and call our senators and insist that they vote in favor of this Bill. If you are facing foreclosure you owe it to yourself to be a part of those who lobby congress today! Tell them we need Senate Bill 61 today!Please contact your senator today and beg them to see that we need this bill if we are going to help people save their homes.

If you don't know who you senator is try this link:

http://www.senate.gov/general/contact_information/senators_cfm.cfm

This link will identify your representative and provide you information on how to contact them.

Here is the letter we got:

Dear NACBA Member:

There is now talk that S. 61, the judicial mortgage modification bill (as it has been come to be known) may be on the Senate floor for consideration as early as next week. If there turns out to be the case, we will have our work cut out for us in order to be successful. I recognize this isn't much notice, but that is the way the Senate works sometimes. So, this may be our best and only shot at getting this bill passed into law.

Please look to NACBA for updates tomorrow. Once we know what bill will be on the floor and what the process will be, we will send out updated talking points and information. Even if you have called/emailed your Senators in the past, we will be asking you to do the same again. Having said that, it will be most productive to hold off on those calls, emails and faxes until we know exactly what they are being asked to support. But, be sure to check your email; I expect we will be sending out multiple updates as new information becomes available.

Maureen Thompson

NACBA Legislative Director