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Udall defends ‘no’ vote to Wall Street rescue
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By Patricia Chambers
Congressman Tom Udall returned to New Mexico Monday evening after voting “no” to the $700 billion financial rescue plan proposed by President George W. Bush and backed by both the Democratic and Republican congressional leadership.
Udall, who is running for the U.S. Senate seat being vacated by retiring Republican Sen. Pete Domenici, says the bill defeated by the U.S. House of Representatives on Monday (Sept. 29) failed to protect the millions of Americans facing foreclosure on their homes.
The vote failed in the House by 13 votes — 228 to 205, against. Two-thirds of the Democrats and one-third of the Republicans opposed the historic bailout. One particular change that Udall believes should be included in the bill is a change in current law that prohibits bankruptcy on a primary residence. It is permitted on a vacation home.
“We should allow them to go to court and re-negotiate their mortgage on their primary residence,” said the Congressman, who stopped at The Taos News before going to Taos Pueblo for the San Geronimo celebrations and a private fundraiser in Des Montes.
During his visit, Udall also touched on delayed funding for New Mexico’s three Indian water settlements. The legislation presented Monday to the House contained only “superficial language” about the company holding the mortgage doing what it can to work out a payment plan that the homeowner can afford, Udall said.
“That will keep people in their homes,” he added. The House adjourned after Monday’s vote, but was to have left for a scheduled recess on Friday. The Senate was expected to vote Wednesday (Oct. 1).
The House members had been notified that a noon “pro forma” session had been scheduled today (Oct. 2), but members do not vote in this procedural session. Udall did not expect the House to vote on a revised financial rescue bill this week, but he had reserved a flight to Washington D.C. on Wednesday evening. The time difference and the airline schedules make the logistics of arriving at the Capitol by noon from New Mexico more difficult than from other parts of the country, he said. About five weeks before the general election, Udall traveled throughout the state to campaign in his race against Republican Steve Pearce.
He had to cancel several planned campaign stops because of the delayed session and spent Tuesday (Sept. 30) making appearances throughout the state.
For the full story, see the Oct. 2 edition of The Taos News.
Udall, who is running for the U.S. Senate seat being vacated by retiring Republican Sen. Pete Domenici, says the bill defeated by the U.S. House of Representatives on Monday (Sept. 29) failed to protect the millions of Americans facing foreclosure on their homes.
The vote failed in the House by 13 votes — 228 to 205, against. Two-thirds of the Democrats and one-third of the Republicans opposed the historic bailout. One particular change that Udall believes should be included in the bill is a change in current law that prohibits bankruptcy on a primary residence. It is permitted on a vacation home.
“We should allow them to go to court and re-negotiate their mortgage on their primary residence,” said the Congressman, who stopped at The Taos News before going to Taos Pueblo for the San Geronimo celebrations and a private fundraiser in Des Montes.
During his visit, Udall also touched on delayed funding for New Mexico’s three Indian water settlements. The legislation presented Monday to the House contained only “superficial language” about the company holding the mortgage doing what it can to work out a payment plan that the homeowner can afford, Udall said.
“That will keep people in their homes,” he added. The House adjourned after Monday’s vote, but was to have left for a scheduled recess on Friday. The Senate was expected to vote Wednesday (Oct. 1).
The House members had been notified that a noon “pro forma” session had been scheduled today (Oct. 2), but members do not vote in this procedural session. Udall did not expect the House to vote on a revised financial rescue bill this week, but he had reserved a flight to Washington D.C. on Wednesday evening. The time difference and the airline schedules make the logistics of arriving at the Capitol by noon from New Mexico more difficult than from other parts of the country, he said. About five weeks before the general election, Udall traveled throughout the state to campaign in his race against Republican Steve Pearce.
He had to cancel several planned campaign stops because of the delayed session and spent Tuesday (Sept. 30) making appearances throughout the state.
For the full story, see the Oct. 2 edition of The Taos News.
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Reader Comments
The following are comments from the readers. In no way do they represent the view of The Taos News.
rdt_60 wrote on Oct 6, 2008 6:03 AM:
" 13 trillion dollars of corporate money is going overseas because of the taxes they have to pay. Imagine that money here at home. Just like you coporations don't like to pay taxes. Less taxes more jobs here. Get it. "
fabrom wrote on Oct 6, 2008 11:15 AM:
" If only congress was overrun with more people like Tom Udall! If only Jeff Bingaman had half the integrity and courage that Udall has, we would be well served. Unfortunately, Bingaman votes for money interests over and over. He seems to think that his work to preserve open land will make us not notice that he votes against our economic interests. I haven't forgiven his bankruptcy vote and will continue not to vote for him. "
rdt_60 wrote on Oct 7, 2008 5:53 AM:
" Steve Pearce also voted against the bail out. There is no story on that go figure. "
mattress wrote on Oct 9, 2008 9:07 AM:
" Here is a list of Representatives that switched their "Nay" vote to a "Yea".
http://www.campaignforliberty.com/blog.php?view=1087 "
http://www.campaignforliberty.com/blog.php?view=1087 "
TaosenoReformed wrote on Oct 10, 2008 10:24 AM:
" I think that the bailout plan AKA the "rescue" plan is mainly designed to help out the banks who were carelessly lending anyway. They should go into a bankruptcy status, it is much deserved.
I am sorry, but common sense tells you, don’t lend money to someone whose debt to income ratio is already 70/30 - they are in fact a CREDIT RISK. If the banks were not lending money to everyone like handing out candy, we would not be in this crunch.
Furthermore, in support to Obama's plan, rather than the bailout, I think the census check would have been far more substantial. It would nip the problem in the butt from the start. Get people that are in foreclosure, or on the verge of foreclosure and give them a running start. Buying the foreclosed homes to alleviate the debt incurred from the banks acting irresponsible should not be our hard earned money spent. I refuse to pay more taxes out of my paycheck to compensate for these ignorant banks!
Let’s see how many more people that this “rescue plan” is going to force into foreclosure. Families that are already living from paycheck to paycheck, perhaps this time next year we will purpose a 900 billion bailout, oh, excuse me, “rescue plan” to cover more of the people forced into foreclosure due to the clever “rescue plan” implemented this year.
Sounds like a viscous cycle to me.
OBAMA '08!!!!! "
I am sorry, but common sense tells you, don’t lend money to someone whose debt to income ratio is already 70/30 - they are in fact a CREDIT RISK. If the banks were not lending money to everyone like handing out candy, we would not be in this crunch.
Furthermore, in support to Obama's plan, rather than the bailout, I think the census check would have been far more substantial. It would nip the problem in the butt from the start. Get people that are in foreclosure, or on the verge of foreclosure and give them a running start. Buying the foreclosed homes to alleviate the debt incurred from the banks acting irresponsible should not be our hard earned money spent. I refuse to pay more taxes out of my paycheck to compensate for these ignorant banks!
Let’s see how many more people that this “rescue plan” is going to force into foreclosure. Families that are already living from paycheck to paycheck, perhaps this time next year we will purpose a 900 billion bailout, oh, excuse me, “rescue plan” to cover more of the people forced into foreclosure due to the clever “rescue plan” implemented this year.
Sounds like a viscous cycle to me.
OBAMA '08!!!!! "
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RandyNason wrote on Oct 4, 2008 2:08 PM: