Later On

A blog written for those whose interests more or less match mine.

Interesting items from ThinkFast today

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Lobbyists are rallying to defeat Sen. Chris Dodd’s (D-CT) alternative bailout proposal, with the banking industry particularly up in arms about a provision allowing bankruptcy judges to lower mortgages for distressed homeowners. “We are vigorously opposing that,” said Steve Verdier, a lobbyist for the Independent Community Bankers Association (ICBA).

The lobbying firm of William Timmons Sr., who John McCain tapped to run his presidential transition team, “earned more than a quarter of a million dollars this year representing Freddie Mac, one of the companies McCain blames for the nation’s financial crisis.” Timmons himself has been personally “registered to lobby for Freddie Mac from 2000 through this month.”

According to 2007 data released by the U.S. Census Bureau today, more than 7.5 million people “are spending half of their income or more on housing costs.” The government considers “a homeowner spending 30 percent or more of their income on housing costs to be financially burdened”; that definition now covers almost 38 percent of U.S. homeowners with a mortgage.

The White House said yesterday that it opposed the Credit Card Bill of Rights, a bill currently being debated in the House, “saying it would constrain banks’ ability to price risk.” The proposal would end double-billing and would force companies to mail bills 25 days before payment is due, rather than the current 14 days. Read more about why the bill is so important here.

Written by Leisureguy

23 September 2008 at 11:04 am

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