Senate Bill 61 Does Not Pass Into Law: No Bankruptcy Mortgage Modification Yet

30 Apr Senate Bill 61 Does Not Pass Into Law: No Bankruptcy Mortgage Modification Yet

The Senate voted today on Senate Bill 61 (and not surprisingly to some, the Bill did not pass. Apparently the Bill needed 60 votes to pass and the vote was 45 for/51 against. President Obama, who had originally embraced the Bill, backed off on support, along with a dozen other Democrats who voted against the Bill, according to the Associated Press and MSNBC.

Obama, last fall, during the election process, promised support for the Bill while negotiating the bigger bailout for Wall Street. However, when the vote came up, the White House was silent.

Shame on those who value Wall Street more than the American consumer. Shame.

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I'm a consumer protection lawyer in Oregon, working with people in Klamath; Lake; Jackson; Josephine; Curry; and Deschutes County. I speak regularly on bankruptcy and consumer protection issues nationwide.
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