by moevaughn, Sun Oct 05, 2008 at 06:50:33 AM EDT
In a recent interview, U.S. Rep. Dennis Kucinich said that Senator Obama, behind closed doors, opposed including the mortgage modification component of the Wall Street Bailout/Rescue Bill, which would give bankruptcy judges authority to change the mortgage terms of homeowners facing foreclosure. How do you all feel about this?
here's hard copy excerpt:
"Is this the United States Congress or the Board of Directors of Goldman Sachs?", Rep. Dennis Kucinich, September 29, 2008,
from Democracy Now interview (link below):
REP. KUCINICH: ...Isn't it interesting that the only plan that we get up-you know, for an up or down vote is one that gives a complete bailout to Wall Street without any restraints or protections for the investors who might come into this now.
AMY GOODMAN: Congressman Kucinich, can you explain how it is that the Democrats are in charge, yet the Democrats back down on their demand to give bankruptcy judges authority to alter the terms of mortgages for homeowners facing foreclosure, that Democrats also failed in their attempt to steer a portion of any government profits from the package to affordable housing programs?
REP. DENNIS KUCINICH: Well, I mean, those are two of the most glaring deficiencies in this bill. And I would maintain there was never any intention to-you know, well, many members of Congress had the intention of helping people who were in foreclosure. You know, this-Wall Street doesn't want to do that. Wall Street wants to grab whatever change they can and equity that's left in these properties. So-
AMY GOODMAN: Right, but the Democrats are in charge of this.
REP. DENNIS KUCINICH: Right. You know, I'll tell you something that we were told in our caucus. We were told that our presidential candidate, when the negotiations started at the White House, said that he didn't want this in this bill. Now, that's what we were told.
AMY GOODMAN: You were told that Barack Obama did not want this in the bill?
REP. DENNIS KUCINICH: That he didn't want the bankruptcy provisions in the bill. Now, you know, that's what we were told. And I don't understand why he would say that, if he did say that. And I think that there is a-the fact that we didn't put bankruptcy provisions in, that actually we removed any hope for judges to do any loan modifications or any forbearance. There's no moratorium on mortgage foreclosures in here. So, who's getting-who's really getting helped by this bill? This is a bailout, pure and simple, of Wall Street interests who have been involved in speculation.....
So, you know, we're getting stampeded here to vote for something that doesn't help homeowners, that doesn't do anything about foreclosures, that doesn't help those people who have been in bankruptcy and are looking for a way out. As a matter of fact, it made sure they can't get out. So, who's this for? It's for speculators. It's to play a game that provides some temporary help in the market, and, you know, you might see an uptick today if this passes the House. On the other hand, if it doesn't, we need to be ready to find a way for Wall Street to address its problems without having to tap the increasingly diminishing resources of the federal taxpayers.
For complete interview, including Rep. Kucinich's thoughts on oversight and corporate compensationm, go to link: http://www.democracynow.org/20...