Bill on meltdown, mortgage fraud goes to president

[BlueJessamine]

Source: Seattle Times

WASHINGTON — Congress on Monday sent the president a bill to clamp down on mortgage fraud and set up a $5 million independent commission to investigate the cause of the worldwide financial meltdown.

President Obama is expected to sign the legislation, which received broad bipartisan support. The House agreed on Monday to a Senate version by a 338-52 vote.

Obama and other supporters say the estimated cost of some $265 million a year will more than pay for itself because of fines and penalties from increased oversight.

"No one should want to see those who engaged in mortgage fraud escape accountability," said Sen. Patrick Leahy, D-Vt.


Read more: http://seattletimes.nwsource.com/html/politics/2009235328_mortgage19.html

[FailureToCommunicate]

1. "$5 million commission to investigate cause of... financial meltdown" I'll bet folks

here at DU could explain and report back to Congress how the meltdown happened for A LOT less than $5 million dollars...

[DJ13]

2. and no cram down of mortgages in it

Rich folks are allowed to have bankruptcy judges modify mortgages on second homes and investment property, but when the average middle class family is in bankruptcy theres no relief.

[Baby Snooks]

3. You got it...

And this bill will not change that one bit. Once again, change you can believe in. If you're delusional.

[WriteDown]

5. Huh?

I'm fairly certain that cramdowns are available to everyone through Chapter 13 bankruptcy.

[2Design]

4. I'll take the 5 million and get them a one page summary of what

the problem is in less than a week = they are wasting money - this is DUH! moment