according to House judiciary committee action removing the provision from the stimulus bill. Senior House Republican on the Committee said:
"Americans undoubtedly want solutions to the foreclosure crisis," said Rep. Lamar Smith (Texas), the top Republican on the committee. "But I do not believe they want solutions that amount to absolving borrowers of their personal responsibility."
But this is just crazy hypocricy as usual since rich guys can get their commercial property loans, yacht loans, and vacation home loans reduced in bankruptcy, just not their first residence loan. We need quick action to get it put back into the Senate version. We're now at around 7000 foreclosures a day in the US. We have to ask our senators and Obama, "How many more homeowners have to lose their homes waiting for the Republican's bipartisan spirit to emerge? This isn't socialism, this is just applying the same rules to the first homes that the elites apply to their own assets.