Monday, March 02, 2009

Bad Democrats

Contact Ellen Tauscher's office and communicate your support for bankruptcy cramdown legislation.

Tomorrow, the House will vote on Representative Conyer's bankruptcy cram down. The whip count is unclear right now, but some Blue Dogs and New Democrats, including Melissa Bean (D-IL), Dennis Moore (D-KS), and New Democratic chair Ellen Tauscher (D-CA), are working on behalf of the financial services industry to water down the legislation. Tauscher in particular is problematic, both because of her leadership role in one of the ideological caucuses, and also because rumors are that she has organized up to two dozen members thus far. It is about time that Tauscher, and the Representatives she is organizing, stop listening to industry lobbyists who do not have the public interest in mind.

So, let's make Representative Tauscher listen to someone else right now. Contact Ellen Tauscher, and urge her to stop organizing other Democrats to water down HR 200. She needs to listen to homeowners, not to the financial industry that got us into this economic disaster:

Email form (California residents only)
D.C. office: 202.225.1880

Over the weekend Rep. Brad Miller discussed the cramdown legislation over at Blue NC. A key point is that people with vacation homes and investment properties, including flippers, can already go to bankruptcy court and have their loan terms modified. It's just people with primary residences who can't.

...more on Tauscher.

Tauscher's office also said she hasn't met with any bankers or lobbyists on the matter, and that may well be true. She doesn't have to. Adam Pase, the executive director of the New Democrat Coalition which Tauscher chairs, works directly out of her office.

Pase is is a former lobbyist for the Twenty First Century Group, whose client, the Coalition for Fair & Affordable Lending, is an astroturf group, financed by the banking industry, that lobbied on behalf of. . . you guessed it. . . sub-prime lenders.

(ht americablog)