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Senator Robert Carlyle Byrd, the 92 year old Democrat Senator from West Virginia, died Monday, 3:00 A.M. at Inova Hospital in Fairfax, VA. Sometimes referred to as "this generations conscience of the Senate," he was known for his devotion to our system of constitutional checks and balances. Sen. Byrd also held two records of being the longest serving member in Congress and for the Senator to cast the most congressional votes than any other Senator.  Now, the death of Senator Byrd puts financial reform bill at risk

Being a proponent of the financial reform, his death may delay it from passing and possibly even kill financial reform. Joe Manchin, the Governor of West Virginia, Senator Byrds possible replacement, is a pro business Conservative Democrat and may not back the financial reform bill as it currently stands with the tax increases. If Governor Manchin is instated as Sen. Byrds replacement and does not approve of the bill, the Democrats would not have the sixty votes needed to pass the legislation.

Watch the full video with Rick Santorum, former Republican Senator from Pennsylvania, as he discusses the potential fall out of the financial reform bill and the issues surrounding it.

photo credit: darrowwest

The Fannie Mae announcement yesterday has been met with more questions and concerns than support. The idea that they will sue people who intentionally walk away from their mortgages when in fact they have the means to pay their bills is not well accepted in the publics eyes. People have big questions over the Fannie Mae announcement. How will they decide who has some enough money left to take and who will make the decision? If a family has a little money left in savings to start over, is Fannie Mae going to take the last little bit of security that family has?

Critics and experts say its unclear what results Fannie hopes to accomplish with this move. The eventual cost to tax payers for the Fannie Mae and Freddie Mac bailout is estimated to hit $400 billion. This is a funny way to pay back the very people who are footing the bill. Some say its a "cruel joke." Lou Barnes, a Colorado mortgage banker, said, "theyre bringing back the debtors prison, Fannie wants to lock people up in jail of negative net worth for much of the rest of their lives."

The Fannie Mae plan is said to be in direct conflict with President Obamas plan to restart our weak housing market. The Obama administration has been lowering interest rates, insuring millions of new home loans, and offering tax credits in hopes of helping the housing market get back on its feet, also attempting to instill confidence in the American people again. A statement from a Treasury Department spokesman said that Fannie Maes plan did not represent official Obama administration policy. This is a difficult road for our country. There has been a lot for the American people to accept the last couple of years; this just might be too much for some.

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