Main Americans Want Mortgage Mark Down Or We Walk From Upside Down Mortgages

Congress has passed a Cram Down Bill which would allow many Americans, who through no fault of their own are now in UPSIDE DOWN MORTGAGES, to use the bankruptcy courts to have their mortgage principal and/or interest rates reduced. The banks who have received TRILLIONS in Bailout Out assistance compliments of our tax dollars oppose the bill. Because of Wall Street greed, stupidity and out right criminal behavior, America is in the worst Real Estate Meltdown since the Great Depression, and so far there is NO HELP for those of us on Main Street who have done nothing, except play by the rules. Our Home Equity has been destroyed, our 401K Retirement Accounts devastated because of the wrongful acts of criminals (including Illegal Aliens and the National Chamber of Commerce) on Wall Street, and corrupted politicians in Washington who are owned by K Street Lobbyist.

Main Street Revolution News is encouraging ALL AMERICANS who have lost equity in their homes through the criminal behaviors of Wall Street and the Banking Industry to contact your elected officials in Washington DC with an ultimatum. Give us a THIRTY PERCENT WRITE DOWN ON OUR MORTGAGES, GIVE US 4.5 PERCENT MORTGAGES through refinancing, OR WE ARE WALKING FROM OUR HOMES WITH THEIR UPSIDE DOWN MORTGAGES, ALLOWING THEM TO GO INTO FORECLOSURE.

Here is the scoop Main Street Americans...Wall Street,K Street and Obama are counting on us griping a lot, but digging in and taking it on the chin for the good of the country. NOT THIS TIME! It is imperative that we draw a line in the sand, and we cannot allow 75 Million Boomers who have played by the rules now for some 40 years to be cheated out of their/our retirements. For the Boomers, for ourselves the time has come to draw that line in the sand, time to tell Washington DC they do right by us, or we WILL CRASH THE ECONOMY. Do not kid yourselves, we are in a Us or Them crisis, and it is imperative at this time for Main Street Legal American citizens to close ranks, to stand strong against Illegal Aliens, Against Crooks on Wall Street, and against politicians in Washington DC (including Obama) who have lost their way.

Mortgage ‘Cram-Down’ Bankruptcy Bill May Aid 1 Million in U.S.

By Dawn Kopecki

March 6 (Bloomberg) -- At least 1 million Americans would be able to use bankruptcy to reduce mortgage payments under legislation approved by the House yesterday, part of Democratic efforts to stem a crisis that has erased more than $2.4 trillion in home values.

The so-called cram-down bill would allow federal judges to lengthen terms, cut interest rates and reduce mortgage balances of bankrupt homeowners. It also would permanently increase the Federal Deposit Insurance Corp.’s coverage of bank deposits to $250,000. The measure, which passed the House 234-191, now goes to the Senate.

The bankruptcy provision is opposed by the banking industry and most Republicans, who said it would further destabilize home prices. President Barack Obama and a majority of Democrats backed using bankruptcy as a last resort for homeowners facing default or foreclosure in the worst housing meltdown since the Great Depression.

“There is broad agreement that until we begin to stem the tide of foreclosures, you will not get an end to the current crisis” in the economy, Representative Barney Frank, a Massachusetts Democrat and chairman of the House Financial Services Committee, said on the House floor.

Democratic leaders had pulled the measure from consideration last week amid opposition from industry organizations including the American Bankers Association. (rest of story)