Where The Rubber Meets The Road (5/15/09)

As reported in last Sunday's Philadelphia Inquirer, here is how Philadelphia-area members of Congress were recorded on major roll-call votes last week.

(I should point out that I really don’t have much to say this week, mainly because almost all of these votes pertain to a couple of bills, S 386 and S 896, about which virtually everyone was in agreement.)

(And one more thing – I also posted here.)

House

Predatory home lending. Voting 300-114, the House passed a bill (HR 1728) to outlaw practices associated with subprime loans and the U.S. housing meltdown. The bill requires lenders to keep a financial stake in loans they sell into the securities market; assigns legal liability to those who originate and securitize mortgages; bars loans to borrowers who show "no reasonable ability" to pay, and outlaws refinancings aimed mainly at generating fees for the lending industry.

A yes vote was to pass the bill.

Voting yes: John Adler (D., N.J.), Robert E. Andrews (D., N.J.), Robert A. Brady (D., Pa.), Michael N. Castle (R., Del.), Charles W. Dent (R., Pa.) Chaka Fattah (D., Pa.), Jim Gerlach (R., Pa.), Tim Holden (D., Pa.), Frank A. LoBiondo (R., N.J.), Patrick Murphy (D., Pa.), Allyson Y. Schwartz (D., Pa.), Joe Sestak (D., Pa.), and Christopher H. Smith (R., N.J.).

Voting no: Joseph R. Pitts (R., Pa.).

Of course this was Pancake Joe’s stupid “No” vote for the week, but I should say that the language about borrowers with “no reasonable ability to pay” and trying to determine refinancings solely intended to generate fees will probably be tough to put into the correct legalese; I have a feeling that will get worked on some more before the bill is voted on in the Senate or gets hashed out in a committee.

Financial crimes. Voting 367-59, the House passed a bill (S 386) toughening federal laws against mortgage and securities fraud and nearly doubling federal personnel for investigating and prosecuting financial crimes.

A yes vote was to send the bill to a House-Senate conference.

Voting yes: Adler, Andrews, Brady, Castle, Dent, Fattah, Gerlach, Holden, LoBiondo, Murphy, Pitts, Schwartz, Sestak, and Smith.

By the way (on an unrelated note), Patrick Murphy will appear tomorrow at Bucks County Community College from 10 AM to 1 PM for a Veterans and Service Members Benefits Fair that he is hosting in the Gallagher Room (Rollins 139) of the campus.

Senate

At-risk homeowners. Voting 91-5, the Senate passed a bill (S 896) revamping the 2008 Hope for Homeowners Program, which encourages lenders to refinance at-risk mortgages into 30-year, fixed-interest loans in return for Federal Housing Administration backing of the new loans. The program has fallen far short of its goal of stabilizing hundreds of thousands of mortgages headed for default.

A yes vote was to send the bill to House-Senate negotiations.

Voting yes: Thomas Carper (D., Del.), Bob Casey Jr. (D., Pa.), Ted Kaufman (D., Del.), Frank Lautenberg (D., N.J.), Robert Menendez (D., N.J.), and Arlen Specter (D., Pa.).

Bank stock dispute. Voting 36-59, the Senate refused to bar the Troubled Assets Relief Program (TARP) from converting its holdings in U.S. banks to common stock. The amendment to S 896 (above) concerned a Treasury plan to convert preferred stock, the equivalent of a loan, to common stock, which is equity. Backers say this would give banks capital for lubricating the economy, while foes call it a dangerous step toward nationalizing banks.

A yes vote backed the amendment.

Voting no: Carper, Casey, Kaufman, Lautenberg, Menendez and Specter.

Foreclosed renters. Voting 57-39, the Senate amended S 896 (above) to prevent the immediate eviction of renters from foreclosed properties. Tenants in multi-unit buildings could remain until their leases expire, and tenants in residential homes would be allowed 90 days to relocate.

A yes vote was to adopt the amendment.

Voting yes: Carper, Casey, Kaufman, Lautenberg, Menendez and Specter.

No word from the Inquirer on what transpired this week, by the way.