An Obama Legislative Achievement Sighting

I think we've found a legislative "achievement" for Sen. Barack Obama, but I'm not sure that he'd want people to know about it though, especially with all the law enforcement investigations into ACORN throwing tens of thousands of fraudulent voter registrations into the system.

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…”

The bill is currently sitting in committee.

There's a reason that these organizations support the bill; it absolves them of liability at bankruptcy proceedings. The bill amends 11 USC 502(b), by adding the following provision:

[it would prohibit the inclusion of amounts]... subject to any remedy for damages or rescission due to failure to comply with any applicable requirement under the Truth in Lending Act (15 U.S.C. 1601 et seq.), or any other provision of applicable State or Federal consumer protection law that was in force when the noncompliance took place, notwithstanding the prior entry of a foreclosure judgment.'.

It's a get out of penalty card for groups like La Raza, ACORN and others who pushed subprime loans and watched as the borrowers defaulted. And Obama supported this bill as a cosponsor along with other architects of the toxic paper crisis.