Congress will soon be considering amendments to H.R. 4173, the Wall Street Reform and Consumer Protection Act, that would give consumers a powerful negotiating tool to use when trying to negotiate loan modifications with intransigent lenders. I am once again urging my fellow Republicans to set aside outdated perceptions of irresponsible borrowers and support this legislation.
Unlike the expensive bailouts provided to the big lenders, this change to the Bankruptcy Code will not cost taxpayers one penny and will help stabilize the economy. The voluntary loan modification programs simply are not working.
So if the Republican Party wants to stop looking like it is out of touch with reality, supporting this legislation might be a good first step in fixing the public's perception of the party.