Video: An Ad to Run Against Dems Who Vote Against Cramdown

The House vote on “cramdown” housing legislation, which allows bankruptcy judges to re-value mortgages according to current market prices, swill take place on Tuesday. In advance of the vote, The Center for Responsible Lending has a useful chart up showing that 800,000 homeowners, or 10% of all American homeowners facing foreclosure,. could be saved from foreclosure by “cramdown” legislation. Among the 86 congressional districts represented by either a New Democrat or a Blue Dog, 143,672 homeowners are projected to be saved from foreclosure by cramdown legislation.

143,672 is a pretty big number. It is such a large number that, if the legislation does not pass, it would be pretty easy for organizations like ACORN to find multiple families from all 86 of these congressional districts whose homes could have been saved by cramdown, but which instead were foreclosed upon. Once people find these local families, it would be pretty easy for organizations like Brave New Films could get them on camera, and get them to say something like this:

Last year, I lost my home. President Obama supported legislation that would have let hundreds of thousands of families like mine save their homes in bankruptcy court. Sadly, Congressman X voted with Wall Street banks instead. We lost our home, even though Congressman X could have saved it. So, in this year’s Democratic primary, I am voting to kick Congressman X out of office.

Once these films are ready, it would be pretty easy for PACs like Accountability Now to turn them into ads, and to make sure those ads are seen on television. I’m sure that voting to foreclose on local families, at the behest of Wall Street and against the wishes of President Obama, would go over really well with Democratic primary voters around the country.

Just sayin’. Maybe this is something Democratic members of Congress should think about before voting against HR 1106 next week.

Andrew

Similar like other posts in your sites..I mean the structure..One video on top and explanation below..good..
jumbo loan

kARL J. Volk

wHILE THERE MAY HAVE BEEN SOME ALTERNATIVES TO PEOPLE WHO OPTED FOR THESE MORTGAGES mANY HAD NO ALTERNATIVE AND WERE EVEN LED INTO THESE MORTGAGES BECAUSE SALES PERSONAL WERE URGED TO PUSH THESE LOANS INSTEAD OF BETTER LOANS. SO IN MANY CASES IT WAS THE BANKS FAULT THAT THESE LOANS WERE MADE. THEY SHOULD NOT AHVE DONE THAT AND THEYSHOULD BE MADE TO HELP THOSE PEOPLE .ESPECIALLY IF THEY RECDIVED BAIL OUT MONEY FROM THE GOVENMNET .TAHT MONEY SHOULD not GO TO ceos.

JIMMYG

THE BANKS AND REAL ESTATE BROKERS AND MORTGAGE BROKERS ALL WANTED THIS BILL TO FAIL BECAUSE IF THE BANKRUPTCY JUDGES STARTED LOOKING AT THESE LOANS 3/4 OF THEM WOULD END UP BEHIND BARS.

TheWhole Truth

Please don't perpetuate the myth that this problem was cause by bad homeowner behavior or even bad mortgage brokers...you are promoting the class warfare propaganda: That this was problem started from the bottom by poor people and slick salesmen.

When in fact, the housing crisis started from the top. Wall Street created the problem by manipulating the law so that they could sell a real estate based product to international investors. This inflated the home values. Then they changed the mortgage law so we could afford the inflated home values and they could create more mortgage backed securities to sell. With the new inflated prices, many of us had to get a crappy loan to afford homes in the neighborhoods we rented in.

If not for Wall Street manipulation, we could have bought the same house for less money with a better loan. The Wall Street propaganda (class war) claims it was the fault of irresponsible home buyers or mortgage brokers...when in fact we were forced to play the game by Wall Street rules. At the time, the industry called it a good investment, not bad behavior.

Afghanistan

And finally, here it is ladies and gentleman and fellow liberals. The fringe has done what I predicted they would do, started a campaign to attack Democrats. Let's be clear, with McCain and Palin not available anymore -- this multi-headed extreme fringe monster has to have issues to raise money to pay for their offices and jobs. This is what "framing" means - this is what is decided in back room meetings and between members on secret mailing lists. All they care about is pushing an agenda that appeals to deep pocket enablers - they don't care that their doing so only serves to make a Democratic majority in Congress and an Obama presidency a one hit wonder. Despicable.

Let's attack and weaken Democrats! Let's threaten them! Let's help make their election more difficult next time! I assure you that there are millions of very liberal and moderate Democrats that deplore these tactics which are nothing more than coercive blackmail. Just sayin!