Also see here: "WHY 'Dem.' SENATORS SCREWED HOMEOWNERS, in Their Own Words"
The short clip (at 1:12) of DAVID KITTLE, CHAIRMAN of the MORTGAGE BANKERS ASSOCIATION, saying "WOULDN'T IT BE BEAUTIFUL if the [mortgage reform] bill GOES DOWN TO DEFEAT TOMORROW while we are here in Washington having our conference- maybe rainbows will come out" - means that he and his bankers, lawyers, and mortgage bankers are ANTICIPATING with joy the prospect that as many as 1.6 MILLION American families WILL FACE FORECLOSURE and EVICTION in the coming dozen months!
The MORTGAGE BANKERS ASSOCIATION is the Banking & Mortgage banking industry lobbying arm, here GLOATING about their INFLUENCE IN CONGRESS - their ability to KILL MORTGAGE REFORM (which they derisively call "cramdown") and to continue using the many tricks that banks use to FORCE EVICTIONS, rather than allow SHORT SALES, principle write-downs, no-cost Refinance, or other means that would help keep SOME PERCENTAGE of mortgage holding families in their homes or out of bankruptcy.
Again, in many cases, these are the SAME banks, and bankers, who would THEMSELVES BE BANKRUPT and out of business, but for TRILLIONS of TAXPAYER "socialized" BAILOUT dollars - TRILLIONS of dollars which the corporate national "news" media WILL NOT EVEN INFORM the American public about the true amount of those hundreds of billions upon TRILLIONS of dollars of TAXPAYER bailouts, becaue the corporate media is an insanely corrupt and dishonest three-ring circus whose sole objective is to ASSIST in the fleecing of American consumers and taxpayers - driving American workers, consumers, and taxpayers INTO BANKRUPTCY is actually a DESIRED GOAL of the corrupt media elites, just as keeping peasants poor and disenfranchised was the desired goal of the top 20 autocrat, oligarch, kleptocratic families in banana republics in Central and South America for most decades of the 20th century.
As John Taylor, President of the National Community Reinvestment Coalition
(a community coalition trying to ENACT, not kill, the Mortgage REFORM legislation that would HELP homeowners stay in their homes) explains:
"Between the mortgage bankers, the bankers, the lawyers, and all the people WHO STAND TO BENEFIT from BEING ABLE TO FORECLOSE, and being able to NOT PROTECT people through bankruptcy [laws], there's a lot of people on that side of the ledger WITH MONEY, and I'm sure they've spent tremendous amounts to hire very bright, very talented very articulate people to go up to Capitol Hill and push Congress to OPPOSE this [Mortgage Reform] bill.
IF they don't come out with meaningful solutions to END THE FORECLOSURE CRISIS, and if the Lending Industry DOES NOT RESPOND with initiatives to KEEP PEOPLE IN THEIR HOMES, we [pro-consumer Mortgage relief advocates] will be back."
"Back", that is, hopefully to CONFRONT and CHALLENGE the SMUG ARROGANCE of both LOBBYISTS AND their BOUGHT-and-paid-for US SENATORS - Senators & Lobbyists who FEEL ENTITLED to HAND OUT TRILLIONS of TAXPAYER DOLLARS to (otherwise) FAILED, BANKRUPT BANKS, while HELPING those very failed banks EVICT homeowners, many thousands of whom are victims of PREDATORY LENDING and INTENTIONALLY MISLEADING fine-print contracts!