Obama Hits McCain On Bankruptcy Laws

As He Continues Economic Tour, Democrat Accuses Republican Of Siding With Banking Industry

(AP)  Barack Obama on Tuesday proposed changing bankruptcy laws to "fast-track" the process for military families, help seniors keep their homes, and protect people recovering from natural disasters.

The Democratic presidential hopeful also accused Republican rival John McCain of repeatedly siding with the banking industry, saying, "When it comes to strengthening the safety net for hardworking families, he's been part of the problem, not part of the solution."

Both candidates are in the midst of weeklong efforts devoted to the economy, the top concern of voters four months before the election as gas prices and job layoffs rise while the credit crisis and housing crunch continue. Each senator is trying to portray himself as most in tune with the needs of a middle class that's smarting from tenuous economic times - and the other as out of touch.

It was in that vein that Obama castigated McCain - and sought to link him to the unpopular President Bush - as he announced his fresh proposals in remarks prepared for delivery in this city outside of Atlanta.

"Like the president he hopes to succeed, Sen. McCain does not believe the government has a real role to play in protecting Americans from unscrupulous lending practices," Obama said. "He would continue to allow the banks and credit card companies to tilt the playing field in their favor, at the expense of hardworking Americans."

Obama's campaign pointed to a series of Senate votes in 2005 to accuse McCain of "siding with banking industry lobbyists" while opposing measures that the Democrat's campaign said would have helped families struggling to pay medical bills, seniors in bankruptcy fighting to keep their homes, and victims of Hurricane Katrina.

To contrast himself with that record, Obama laid out new proposals that supplement his broader - and previously announced - bankruptcy reform agenda that includes changes intended to help people in financial distress because of medical bills and allow homeowners going through the bankruptcy process to renegotiates terms of their mortgages.

The Democrat said he also would help service members and military families struggling financially after multiple moves, lengthy deployments and, in some cases, predatory lenders, saying, "If you're protecting America, America should be protecting you from unfair bankruptcy laws."

He pledged to expedite the bankruptcy process for them by exempting them from a "harsh means test," cutting "unnecessary paperwork" and "token counseling," and enacting a minimum homestead exemption to help them keep a greater share of their home's value.

Obama also wants to allow a speedier bankruptcy process for all service members regardless of what state they live, a departure from current law that says people can use federal bankruptcy exemption laws if their state of residence allows. Some 35 states bar families from federal exemptions, according to a campaign-issued fact sheet.

As for seniors, Obama said, "I'll help make sure that if you're over 62 and facing bankruptcy, you'll have a better chance of keeping your home."

He said people in that age bracket would get a minimum federal homestead exemption equal to the median cost of a home in their state, "giving them a better chance to keep their homes and helping them maintain both their independence and their financial security."

In addition, Obama said he would help families recovering from a natural disaster by streamlining the bankruptcy process for those in certified natural disaster areas by eliminating "unnecessary paperwork" and waiving "unneeded credit counseling requirements."

He also promised to enact a 120-day moratorium "on adverse credit actions from collectors, such as foreclosure" to free families from concerns about collectors as they are trying to recover. And, his campaign said he would amend the Equal Credit Opportunity Act, which bars discrimination in lending, to include protection for disaster victims, so that lenders do not unfairly restrict credit to such families.

[frootloop47]

THEN WHY ARE THERE SO MANY SUB-PRIME LENDERS ON YOUR CAMPAIGN TEAM...AND SUPPORTING YOU WITH BIG $''''S???

Posted by Rowdy
------------------------------------------
You saying it, Ms Rowdy, doesn''t make it true.
Prove it.

[frootloop47]

"The Democratic presidential hopeful also accused Republican rival John McCain of repeatedly siding with the banking industry, saying, "When it comes to strengthening the safety net for hardworking families, he''s been part of the problem, not part of the solution"
------------------------
Shades of KEATING 5?

[rowdywicca]

"Like the president he hopes to succeed, Sen. McCain does not believe the government has a real role to play in protecting Americans from unscrupulous lending practices," Obama said.

THEN WHY ARE THERE SO MANY SUB-PRIME LENDERS ON YOUR CAMPAIGN TEAM...AND SUPPORTING YOU WITH BIG $''S???

I''d say you''re a hypocrite, Mr. Obama!

[james007us]

Why has Barry Dunn oops I mean Barack Hussein Obama posted a fake Birth Certificate claiming it to be the genuine Certificate of live Birth?

http://obama.webonsites.com/

What is he HIDING or RUNNING AWAY FROM?

Is he a natural born citizen? Has he changed his name from Barry Dunn to Barack Hussein Obama and if so WHY?

[raoul12-2009]

I do not Obama who . . . feels ''obligated'' to wear a USA pin.

Posted by Ariel133 at 04:14 PM : Jul 08, 2008
______________________

You idiot, this country is not about a flag pin; it%u2019s not about a flag; it is more about a citizen%u2019s right to burn that flag in protest if they disagree with what this country is doing. Anyone who thinks wearing a flag pin makes them patriotic is sick. It%u2019s like a baby that cries, not because it hurts, but because it wants others to think it hurts. This country is about the right of a person to get up and put forth an opinion that others might totally disagree with, and you have the right to protest it . That is what America is about; that is what we should celebrate. It%u2019s called freedom of expression as provided for in the First Amendment of the United States Constitution: The right to express ourselves any way we wish. Our military risk their lives so that all Americans can enjoy the rights provided for in our Constitution, whether their manner of doing so is popular or not.

[raoul12-2009]

Correection: I do not trust Obama who has not served his country proudly,in some form or another.

Posted by Ariel133 at 04:15 PM : Jul 08, 2008
____________________

You idiot! Obama served his country as an community organizer, as a state senator and now as a United States Senator. Get a life!

[raoul12-2009]

i''m a hillary voter turned to a mccain voter. and i''''m feeling mighteee fine about the decision.

MCCAIN 2008

Posted by callistemon at 10:37 PM : Jul 08, 2008
______________________

Guess what? Nobody gives a *****!

[whitepicks2]

McCain''s campaign chairman and chief economic advisor Phil Gramm was a federal lobbyist for banking giant UBS where he promoted their housing and mortgage agenda. He helped give us this housing crisis.

McCain has had at least 134 lobbyists running his campaign.

http://www.mccainsource.com/corruption?id=0006

[callistemon-2009]

i''m a hillary voter turned to a mccain voter. and i''m feeling mighteee fine about the decision.

MCCAIN 2008

[jtyler271]

Is there any chance that we can all agree that politicians suck, regardless of the party affiliation?

I agree that there are some issues regarding a first-term senator (is that where the hyphenated american comments come from?), but I don''t really see why he should be considered less experienced.

I see where McCain is being bashed, due to his very unpatriotic role in the Senate Select Committee on POW/MIA Affairs (look it up, it''s very informative), but aside from some highly illogical plans regarding the economy and energy, I don''t see why he is any less competent.

I''m voting for Obama, not because I don''t like McCain, but because I like Obama. Vote for who you WANT to be president, not because you don''t want the other guy.

[kansas1946]

(AP) Barack Obama on Tuesday proposed changing bankruptcy laws to "fast-track" the process for military families, help seniors keep their homes, and protect people recovering from natural disasters.
*********************************
Sounds good to me. Very sensible. McCain isn''t allowed to sound sensible, because the far-right whackos won''t stand for it.

[likeitis5050]

Posted by confused25 ......Are you really this ignorant of the facts? Or are you hoping to get someone''''s approval if you post things that have been spoon fed to you?


--------------------------------------------------------------------------------

Posted by truthmatterz

Nice of you to chime in just to post a personal attack on someone''s opinion...more fiber or less caffeine...your choice. Opinions are just that...opinions and no reason to go on the offensive...unless you''re a troll. In that case, never mind. No one cares.

[ariel133]

Correection: I do not trust Obama who has not served his country proudly,in some form or another, or who feels ''obligated'' to wear a USA pin ( having it on only in question) or to be at a Church that hates Americans for over 20 years. Period. Whatever policy''s he promises is mute to me.

[ariel133]

I do not Obama who has not served his country proudly,in some form or another, or who feels ''obligated'' to wear a USA pin ( having it on only when questioned) or to be at a Church that hates Americans for over 20 years. Period.

[rgrxx175]

Beastof70 - he would be 72 years old and surpassing Ronald Reagan, who was 69 years old. Reagan was later diagnosed with Alzheimer''s disease and there were questions of whether the disease had begun during his presidency. Though the diseases associated with old age are obviously relevant to McCain''s candidacy..

[ragnar30066]

The New Deal is associated with a number of reforms intended to help protect families from "sharp" (underhanded) tactics by unscrupulous businesses. It appears that the Clinton''s and the Bush''s have eliminated these protections in order to make their well-healed Big Business country club buddies happy.

It remains to be seen whether either McCain or Obama reverses this selling our of the middle class.

[sandyu73]

The Plan

A.. Back off and let those men who want to marry men, marry men.

B.. Allow those women who want to marry women, marry women.

C.. Allow those folks who want to abort their babies, abort their babies.

D. In three generations, there will be no Democrats.

***- I love it when a plan comes together.

[dnsallday]

Posted by confused25 ......Are you really this ignorant of the facts? Or are you hoping to get someone''s approval if you post things that have been spoon fed to you?

[realpatriot1]

Beastof70,

Amnesty for wets? Are you referring to McCain''s bladder problems?

[realpatriot1]

jack3213,

When you lower taxes on the middle class you get consumer spending which generates economic activity and jobs. When you invest in healthcare and education you get jobs. almost 40% of all jobs created since the last recesiion are in healthcare and education and demand is growing for both with the rise in school age kids and baby boom retirees needing healthcare. These are jobs which can''t be outsourced.

When you raise taxes on the rich back to where they were when the economy was strong you don''t hamper economic growth. After 7 years of a tax break for the wealthy where are these phantom jobs created by the rich?