The roll call:
GOP who votes Aye:
Diaz-Balart, L., Diaz-Balart, M.; McHugh, Ros-Lehtinen, Turner,
Dems who voted Nay:
Arcuri, Berry, Boren
Boucher, Bright, Carney, Childers, Dahlkemper, Davis (TN), Edwards (TX)
Ellsworth, Gordon (TN), Griffith, Hill, Holden, Kind, Kissell, Kratovil, Markey (CO)
Massa, Matheson, Stupak, Taylor, Teague,
UPDATE 2: 6:10pm EST: Cramdown passes House: 234-191
will post roll call as soon as it is up…7 GOP critters voted for it, 24 Dems voted against…
UPDATE: Man they cannot let it go, Barney Frank is on the floor claiming the GOP Amendment to recommit is to make Obama fail like Rush said, that is what he said, he quotes Rush….15 minute vote on this Price Motion to recommit with instructions (tabling the bill) and then they move to final vote on passage…
FDIC insurance permanent expansion to 250k is added onto this bill….
Can you feel THE WEIGHT yet? YA PUT THE LOAD RIGHT ON ME…..
LIVE on the floor CSPAN
Price Amendment up now to allow lenders to recoup judicial cramdowns upon sale of the home…Price Amendment fails 211 to 218
I pulled into Nazareth, I was feelin’ about half past dead;
I just need some place where I can lay my head.
“Hey, mister, can you tell me where a man might find a bed?”
He just grinned and shook my hand, and “No!”, was all he said.
Take a load off Fannie, take a load for free;
Take a load off Fannie, And (and) (and) you can put the load right on me.
Economic Stimulus Update: AZ stimulus showdown: Political Dueling for a Fistful of Dollars or a Few Dollars More
Our GOP branches are arguing and trying to throw each other under the bus over the stimulus here in AZ.
The State Legislature accuses the Governor of having deliberately cut the most ‘sensitive’ areas of services to arouse voter anger and pushback so that the GOP legislature will be unable to fight her secret wish to take lots of money from Team Obama.
The Governor says not I! I merely began making the cuts you legislators legislated….
and the “really good news” they reported as a headline in our local media is that now that our Unemployment rate has jumped to 7.01% we are eligible for even more federal handouts! Gee it’s great to have your economy collapse! Let’s all be unemployed! What is wrong with these people?!
Republican lawmakers are off base in criticizing agency chiefs for cutting services to the poor, Gov. Jan Brewer said Wednesday.
Brewer told Capitol Media Services it should have come as no surprise that the Department of Economic Security, the Department of Health Services and the Arizona Health Care Cost Containment System all announced that they would be eliminating certain programs. That followed mandates by the Republican-controlled Legislature to each of those agencies to cut spending by millions of dollars to help balance the state budget.
Senate Majority Whip Pam Gorman, R-Anthem, was particularly critical of the cuts by DES. That agency reduced by 1,100 the number of beds in homeless shelters it would fund and eliminated services for 5,000 people who are developmentally disabled.
DES also eliminated subsidized child care for 20,000 low-income families, a cut that Brewer restored Wednesday.
“When you are taking cuts that look to any observer to be the last place that you should be looking for cuts and actually it’s on your first pass, you have to think to yourself, why would they do that?” Gorman said. “So our only guess is that it’s politically motivated – not politically in the terms of Republican versus Democrat – but in terms of creating a grass-roots campaign if you will to stave off any cuts.”
The bill had potentially been slated for possible vote today, but various media reports as well as sources that spoke with HousingWire have suggested that negotiations over the hot-button issue are yet continuing. Read the full legislation.
“To allow time for more discussion, I expect to complete consideration and vote on the bill likely Tuesday of next week,” House majority leader Steny Hoyer (D-MD) told MarketWatch Thursday.
Some of those discussions include linking any bankruptcy cramdowns to the Obama administration’s newly-announced mortgage modification plan, as well as potentially limiting cramdown authority (at least initially) to subprime mortgages only. Marketwatch reported Thursday afternoon that a group of 67 centrist House Democrats are pushing for an explicit loan modification-cramdown link, meaning that no mortgage could see its principal balance reduced by a bankruptcy judge unless the borrower had first sought out relief under the terms of the administration’s loan modification guidelines. See earlier coverage of the Homeowner Affordability and Stability Plan.
Senator Richard Durbin (D-IL), the lead sponsor of the cramdown legislation, suggested to American Banker on Tuesday that Democrats might be willing to limit cramdown authority to just subprime mortgages, in an effort to quell industry unrest and long-standing opposition to the proposal. Subprime loans are not available for modification under the administration’s HASP.
Update 2: Centrist Dems argue over bill changes as Durbin tries to limit cramdowns to ‘exotic subprime loans” only at banks request…..Housing: House Bankruptcy Cramdowns/judicial modification bill
UPDATE: AP and El Rushbo just reported Moderate Dems having closed door dispute with Speaker and Bill Sponsors over how this cramdown legislation will affect currently struggling homeowners..if this doesnt help anyone but EXOTIC Subprime loans, then it is a STUPID people rescue or the Irresponsibility Act of 2009 and really if you listen to things Robert Reich said about making sure the stimulus jobs dont go to white engineers, then you start to question what social engineering they are doing here…
CALL YOUR CRITTERS FOLKS
A dispute among House Democrats stalled legislation Thursday to let bankruptcy judges reduce the principal and interest rate on mortgages for debt-strapped homeowners.
It hit a snag after a group of moderates expressed concerns in a closed-door meeting of House Democrats about how the bill would affect homeowners who are still struggling to make their mortgage payments.
The banking industry has lobbied hard against the measure, mounting a successful multimillion-dollar effort last year to kill it.
This year, mortgage industry players who are scrambling to narrow the scope of the measure to reduce its potential cost for banks have won some key concessions. House Democrats agreed to limit the measure to existing loans made before the bill is enacted and to borrowers who can show they tried other ways of modifying their home loans before resorting to bankruptcy, among other changes.
But banks want to go much further, restricting the bill only to subprime or other exotic loans.
Centrist House Democrats who have been working closely with the financial services industry to scale back the bill balked at supporting it on Thursday after a news report suggested that Sen. Dick Durbin, D-Ill., the lead sponsor of the bankruptcy measure in the Senate, was willing to limit it only to subprime mortgages. The Senate is expected to take up the legislation within two weeks.
In the House, Rep. Ellen Tauscher, D-Calif., the head of the business-minded New Democrat Coalition, raised concerns during the private session that the measure omitted help for homeowners who aren’t staring at bankruptcy but are buckling under burdensome mortgage payments.
House leaders said they had postponed a vote until Tuesday to give Democrats time to meet with Obama’s housing secretary, Shaun Donovan, about how the measure fits with his housing plan.
“There’s an equity question here,” said Rep. Ed Perlmutter, D-Colo., another member of the coalition. “The discussion has got to be, what’s the benefit to the guy next door who is struggling to pay the bills, is paying the bills and isn’t filing for bankruptcy?”
More clips from the Speaker
LIVE ON CSPAN
Expected to vote on this today
Here is what the Critters have been up to this morning:
Continues after the break
and the beat goes on….
That’s no ordinary twister folks!
That is falling housing prices…Kudlow used to play this clip and laugh at A Gary Shilling who called this crisis for what it was in 2005..no one is laughing now….how many people can afford to take a 50% drop in their home values? In Phoenix we are there already….the only good news I can see in this report is surely Team Obama will MOVE on housing NOW…(hey don’t call me shirley…)
Professor Blitzer of S & P reporting live on CNBC says 11 of 20 cities across the country are in record declines…
Prices fell 3.4% in Phoenix and 3.3% in Las Vegas in November. In the past year, prices were down 33% in Phoenix, 32% in Las Vegas, and 31% in San Francisco.
Falling home values have helped to plunge the global financial system into chaos because of mortgage-backed securities. Home owners have lost trillions of dollars of wealth
Prices of single-family homes plunged a record 18.2 percent in November from a year earlier, indicative of a housing market that is still in the throes of a deep recession, according to the Standard & Poor’s/Case-Shiller Home Price Indices.
The composite index of 20 metropolitan areas fell 2.2 percent in November from October, S&P said in a statement on Tuesday. The depreciation on a month-over-month basis was slightly worse than expectations based on a Reuters survey of economists.
The freefall in residential real estate continued through November 2008,” David M. Blitzer, Chairman of the Index Committee at Standard & Poor’s, said in a statement.
Why Case-Schiller Index matters to you courtesy of the Examiner:
…If you want to understand the Case Shiller index better, I recommend the multimedia graph set up by the New York Times. It shows each individual city, and looks back to 2001, so you have a better perspective on how prices have trended, instead of just hearing the year over year or month over month number. This page is dedicated to the index….
This economy will NOT improve until housing is addressed, period. Get to it Team Obama….
Here is Gary Shilling telling us what was coming in November of 2006…taking heat from Bulls like Luskin and Kudlow…note the DOW closed over 12,000 in this clip from 11/27/06….as they discuss Goldilocks economy and laugh at Gary Shilling’s warnings about the housing bubble…not laughing much now….
WOW!!! This will send shock waves through the Mortgage Bankers Association which successfully lobbied against this provision in legislation passed last year….
Senate Democrats have reached an agreement with Citigroup Inc. on a key bill to give bankruptcy judges the authority to eliminate some mortgage debt and help reduce foreclosures, lawmakers announced Thursday afternoon. (MiM here-Bolded by the news report HA! Yeah you betcha they’re wiggin out over this one!)