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George Allen On Banking And Mortgage Reform

MORTGAGE REFORM

Allen Voted Against Requiring Financial Companies To Provide Truth-In-Lending Information To Homeowners. Allen voted against the Torres amendment requiring financial institutions to provide homeowners with truth-in-lending information within three days of applying to refinance a mortgage. [Vote 364, H.AMDT 789 to H.R. 5334, 8/5/92, Failed 153-268, D: 147-109, R: 5-159, I: 1-0]

Allen Voted Against Amendment That Would Have Protected Senior Citizens From Losing Their Homes Due To Bankruptcy. On March 2, 2005, Allen voted against a Feingold (D-WI) amendment to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 that would have given a homestead floor for the elderly. This amendment would have kept seniors from losing their homes, often their sole asset, when declaring bankruptcy. The amendment failed 40-59, with 3 Democrats and one independent voting against it. [Vote #14, 3/2/2005]

BANKRUPTCY REFORM

Allen Voted Against Protecting Low-Income Americans From Strict New Bankruptcy Reform Law. In 2005, Allen voted against an amendment that would clarify that the means test would not apply to debtors whose incomes fell below the median. The amendment failed 42-58. [Vote #31, 3/9/2005]

Allen Voted Against Amendment Requiring Credit Card Companies to Give Credit Counseling to Debtors. In March 2005, Allen voted against an amendment to the Bankruptcy Overhaul bill that would have required credit card companies to give debtors information about credit counseling. The amendment would have required credit card companies to issue a warning notification on monthly statements stating that a minimum payment would increase the amount of interest paid and the time it would take to repay the outstanding balance. It would also have required companies to disclose the amount required for the consumer to pay off the outstanding balance in three years, if no further advances were made. It also would require credit card companies to provide a toll free number for consumers to receive information about credit counseling and debt management assistance. [Vote #15, 3/2/2005]

Allen Voted Against Protections For People Who Declare Bankruptcy Because Of Serious Medical Problems. On March 2, 2005 Allen voted against a Kennedy (D- MA) amendment to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 that would have protected debtors whose financial problems were caused by serious medical problems. The amendment failed 39-58, with 4 Democrats voting for it. [Vote #16, 3/2/2005]

Allen Voted Against an Amendment to Exempt Debtors from Bankruptcy Means Test if they Lost Their Job While Taking Care of a Sick Family Member. In March 2005, Allen voted against an amendment to the Bankruptcy Reform bill, which would have exempted debtors from the means test in the bill if they were taking care of a sick family member. The amendment covered any individuals who incurred substantial medical debt on behalf of a family member, such as a parent or grandparent, or who experienced a reduction in employment status while caring for such a family member. [Vote #18, 3/2/2005]

Allen Voted Against Protections From Predatory Lenders. On March 3, 2005, Allen voted against a Durbin (D-IL) amendment to the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 that would have prohibited high cost mortgage lenders from collecting on their claims in bankruptcy court if the extend credit in violation of the Truth in Lending Act. The amendment failed 40-58, with 1 Republican voting for it and 4 Democrats voting against it. [Vote #22, 3/3/2005]

George Allen Voted Against Punishing Corporate Fraud in Bankruptcy Court. In March 2005, George Allen voted against an amendment to the Bankruptcy Overhaul bill that would have punished perpetrators of corporate fraud in bankruptcy court. The amendment would have increased the period of time during which a bankruptcy court could recapture assets of corporate executives who mad fraudulent transfers from one to four years. It also gave employees and retirees a priority unsecured claim in bankruptcy court for the value of company stock held for their benefit in an employee pension plan, unless the beneficiary had the option to invest the assets in another way. [Vote #25, 3/3/2005]

Allen Voted Against Ensuring that Debtors had Enough Money to Provide for their Children. In March 2005, Allen voted against an amendment to the Bankruptcy reform bill that would have ensured that debtors would have had the resources to provide for their family while in bankruptcy. The amendment would have altered the means test to provide greater flexibility when calculating a debtor’s ability to pay, and broaden allowable monthly expenses to ensure that parents had the resources to support their children throughout bankruptcy. It also would have allowed debtors to keep personal property found in or around the home, excluding cars, and ensure that support payments and tax refunds not become the property of the bankruptcy estate. [Vote #34, 3/9/2005]