American News Project takes us into the annual meeting of the Mortgage
Bankers Association (MBA) where industry lobbyist were gearing up to
oppose legislation which
would have allowed bankruptcy judges to modify loan terms for struggling
homeowners. The “cram-down” amendment, as the MBA derisively referred to it, was defeated for the third time in two years in a Senate vote. Both
National Community Reinvestment Coalition President John Taylor and
David Kittle, the chairman of the MBA, acknowledge that the bill will be
back. The question is who will win in the next round: the MBA’s
political action committee or, as Mark
Gimein wrote, the “people trying to keep a roof
over their heads.”
—Corbin Hiar
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