Weatherford Democrat

AP Story Section

January 26, 2009

Fight building up over judges redoing mortgages

(Continued)



“We’re going to defend the industry” against “bad public policy,” O’Connor said.

The association’s 23-member government affairs team is trying to persuade lawmakers to kill the bankruptcy legislation. The team includes six lobbyists and nine policy experts who double as lobbyists, said O’Connor, senior vice president of government affairs.

The bankruptcy solution would not cost taxpayers money, as would mortgage modification programs that could become part of the government’s huge economic bailout package. But it certainly would harm the bottom line for lenders and investors holding mortgages.

The lending industry has voluntary programs in place to change mortgage terms. But Butler’s lawyer, Peter Bagley, said it was a nightmare trying to contact his client’s lender.

First, he was told the application for a loan modification would take at least 30 days to process. Bagley then called someone with authority to stop any sale of the home, but only received voice messages that the mailbox was full. The application never arrived.

The key to passage of the bankruptcy bill is the Senate, where Democrats need 60 votes to stop a possible filibuster. Ten Democrats — all still in the Senate — would not back the plan in a vote a year ago.

Sen. Dick Durbin, D-Ill., the chief Senate sponsor of the bill, said Obama persuaded him in a White House meeting Friday to remove the bankruptcy proposal from an economic recovery package — to ensure it doesn’t jeopardize the stimulus bill. But Obama pledged his support for the bankruptcy solution, Durbin said.

Obama said he would work with Durbin to attach the proposal to other “must pass” legislation — with the hope that supporters of the overall bill would not vote against it because of the bankruptcy provisions.

The Mortgage Bankers Association, which represents 2,400 member companies in the real estate property industry, spent $3.8 million and the American Bankers Association totaled $6.8 million.

Text Only
AP Story Section
  • Inside bin Laden’s lair with SEAL Team Six

    WASHINGTON (AP) — So much could have gone wrong as SEAL Team Six swept over Pakistan’s dark landscape, dropped down ropes into a compound lined by wall after wall, exchanged gunfire and confronted “Geronimo” face to face. The vital things went right.
    Just about every contingency the 25 commandos trained for came at them, rapidly, chaotically and dangerously, in their lunge for Osama bin Laden.

    May 5, 2011

  • WWII pilot gets Distinguished Service Cross BOSSIER CITY, La. (AP) — A Texas man nearing his 90th birthday has been awarded the Distinguished Service Cross for his part in a daring 1943 attack on Nazi-controlled oil fields in Romania.

    February 3, 2009

  • Ohio dad who shock-collared kids gets 16 years XENIA, Ohio (AP) — An Ohio man has been sentenced to 16 years in prison for disciplining his children with a dog shock collar.

    February 3, 2009

  • Cop suspected in wife’s vanishing loses new love BOLINGBROOK, Ill. (AP) — A woman who became engaged to a former suburban Chicago police sergeant suspected in his wife’s 2007 disappearance moved out of his home Friday, hours after he spoke about his current and past relationships on a national television show.

    February 3, 2009

  • Pythons found after brief escape from Calif. home SAN LUIS OBISPO, Calif. (AP) — A 23-foot, 130-pound python can run but it can’t hide.

    February 3, 2009

  • Bush first visit to future Dallas home DALLAS (AP) — Former President George W. Bush has made his first visit to the $2.1 million Dallas house that he’ll soon call home.

    January 28, 2009

  • Doctor says octuplets appear healthy BELLFLOWER, Calif. (AP) — Newborn octuplets in Southern California are a feisty bunch that appear healthy even at nine weeks premature, a doctor said Tuesday.

    January 28, 2009

  • Austin program works to restore wildlife habitat AUSTIN (AP) — Patricia Roberts-Miller says her yard was a boring swath of grass when she and her family moved into their North Austin home three years ago.

    January 28, 2009

  • TI to shed 3,400 jobs by September Texas Instruments Inc., which makes chips for cell phones and other gadgets, said Monday it will cut 3,400 jobs because demand has slackened amid a slowing economy.

    January 27, 2009

  • Elder Bush: Son held to principles after attacks NEW ORLEANS (AP) — Former President George H.W. Bush says he’s proud of how his son held to his principles during his presidency and kept the U.S. safe after the 2001 terror attacks.

    January 27, 2009

Must Read
Top News
House Ads
AP Video
Raw: Massive Dust Storm Covers Phoenix 12-hour Cease-fire in Gaza Fighting Begins Raw: Bolivian Dancers Attempt to Break Record Raw: Israel, Palestine Supporters Rally in US Raw: Palestinians and Israeli Soldiers Clash Raw: Air Algerie Flight 5017 Wreckage Virginia Governor Tours Tornado Aftermath Judge Faces Heat Over Offer to Help Migrant Kids Kerry: No Deal Yet on 7-Day Gaza Truce Kangaroo Goes Missing in Oklahoma More M17 Bodies Return, Sanctions on Russia Grow Gaza Residents Mourn Dead Amid Airstrikes Raw: Deadly Tornado Hits Virginia Campground Ohio State Marching Band Chief Fired After Probe Raw: Big Rig Stuck in Illinois Swamp Cumberbatch Brings 'Penguins' to Comic-Con Raw: Air Algerie Crash Site in Mali Power to Be Restored After Wash. Wildfire Crashed Air Algerie Plane Found in Mali Israel Mulls Ceasefire Amid Gaza Offensive