http://canadafreepress.com/index.php/article/5548
Not only did Senator Barack Obama’s presidential campaign pay more than U.S. $800,000 to a front of the Association of Community Organizations for Reform, Now, ACORN, currently under investigation in a dozen States for voter registration fraud and bribery schemes, for “get-out-the-vote-efforts”; Obama co-sponsored legislation called the “Helping Families Save their Homes in Bankruptcy Act of 2007”-- that was supported by ACORN and protects them.
Helping Families Save their Homes in Bankruptcy Act, S.2136, was introduced in the Senate by Illinois Senator Richard Durbin over a year ago, on October 3, 2007. It was co-sponsored, by Obama and 12 other Democrats, including Vice Presidential hopeful, Joe Biden, and Chairman of the Senate Banking, Housing, and Urban Affairs Committee, Senator Christopher Dodd.
According to a Senate transcript, Durbin stated: “It is true that some families knowingly stretched a bit to buy more house than they should have. But many families were sold mortgages they couldn’t afford by unscrupulous brokers... This bill is supported by the AARP, ACORN, AFL-CIO and SEIU, the Center for Responsible Lending, the Consumer Federation of America, NAACP and La Raza, the National Association of Consumer Bankruptcy Attorneys, the National Community Reinvestment Coalition…”
Why would groups like ACORN, who according to Stanley Kurtz’s “O Dangerous Pals” undermined “the US economy by pushing the banking system into a sinkhole of bad loans…. by forcing banks to make hundreds of millions of dollars in “subprime” loans to often un-creditworthy poor and minority customers…” support this legislation? Perhaps because it provides Chapter 13 Bankruptcy protections to homeowners who didn’t have the means to buy homes, and it protects people who put those borrowers into these high-risk mortgages.
Durbin’s bill, co-sponsored by Obama, “amends federal bankruptcy law to permit a bankruptcy plan to: modify a [mortgage] secured by the principal residence of a chapter 13 debtor...” It “exempts” them “from the requirement for credit counseling if… that debtor…has been scheduled” for foreclosure. The credit counseling typically distinguishes debtors who, for instance, because of unforeseen medical bills have no alternatives but bankruptcy, from debtors who’ve recklessly or ruthlessly bought homes they couldn’t afford because, according to the Federal Trade Commission, it evaluates a person’s financial situation and discusses alternatives to avoid filing bankruptcy. If this bill becomes law, the “certificate of completion” a debtor receives after the credit counseling process would be waived. Anyone, with a single home, could file Chapter 13 Bankruptcy.
One benefit for filing Chapter 13 is a person is protected from creditors and allowed to keep their real estate and personal property. Another advantage is some debts are discharged that otherwise wouldn’t be under other Bankruptcy Chapters, such as fraud judgments.
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Originally Posted by RealityCheck
