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Loan Modification
: Mortgage Lender Implode-o-MeterAiling, Banks Still Field Strong Lobby at Capitol
By Implode-Explode Heavy Industries
In the end, the banks? startling success in defeating the provision, which was pushed hardest by Senator Richard J. Durbin, Democrat of Illinois, caught even their lobbyists by surprise. Not only did they defeat the cramdown provision, but the banks walked away with billions in new bailout money.
The housing bill Mr. Obama signed on May 20 saves banks and credit unions at least $13 billion in special fees that they would have had to pay to replenish dwindling deposit insurance funds.
Full post as published by Mortgage Lender Implode-o-Meter on June 05, 2009 (boomark / email).
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