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Here's what we know:
- 12 Democrats (listed here) voted against allowing bankruptcy judges to compel banks to renegotiate mortgage terms so as to prevent homeowners from being foreclosed on and thrown out of their homes.
- Bankruptcy judges currently have this "cramdown" power to renegotiate mortgage terms on vacation homes and investment properties.
- Vacation homes and investment properties are disproportionately owned by very rich people.
QUESTION 1: Out of the hundreds of professional "journalists" who work in Washington, can someone - anyone - please ask these 12 Democratic senators why they believe it is perfectly fine for bankruptcy judges to cram down mortgages for very rich people's vacation homes and investment properties, but not mortgages for regular people's homes? IMHO, this is the most important question, especially because none of these 12 Democratic senators are sponsoring legislation to repeal the law that gives judges cram down power to help rich people.
QUESTION 2: Oh, also - can someone please ask Democratic proponents of cramdown (who I do genuinely applaud for their courage) why they didn't just make this point over and over again?* The bought off whores who voted against this bill were allowed to make this debate into one about whether it is "fair" to let people renegotiate loans they agreed to. That's a shame, because the real question is whether it is "fair" to let judges help rich people keep their vacation homes but not let those same judges help regular people keep their primary residences.
* To be clear, proponents like Sen. Dick Durbin (D-IL) did try to make this point a lot - but it wasn't the central thrust of the argument. I'm not trying to dis the proponents - because it's certainly possible that the media ignored this key point. I'm just saying I think this is the best message around this issue.
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