Senate Has No Appetite to Help Homeowners

Susanne Robicsek has already written about the Senate’s refusal to take action which would help homeowners in foreclsoure keep their homes. According to The Hill, Senator Dick Durbin, sponsor of the legislation (who, by the way, fought valiantly for its passage) had this to say:

“This really tries my patience,” he said. “At this point in time, we don’t have the appetite in the Senate to face this.”

It doesn’t take a bankruptcy lawyer to recognize the essential nature of the Senate’s failure to act to help ordinary homeowners, at the same time that the government spends billions to bail out the industry that created the mess. Joe Sudbay (Joe in DC) at Americablog has this to say:

Ironically (or not), on the same day the Federal Reserve Chairman and others were testified before a Senate panel to justify the $30 billion taxpayer backed bailout of Bear Stearns, the Senate defeated efforts to reform the nation’s bankruptcy laws.

That pretty much says it all, doesn’t it?