Party of Hoover Continues to Stand Up for the Banksters

It is, after all, what they do.

Senate Republicans moved on Tuesday to kill part of a far-reaching Democratic Wall Street reform bill that seeks to crack down on mortgage securitization, a financial practice blamed widely for helping to inflate the subprime mortgage bubble.

A provision in the Democratic bill would force some lenders to retain on their books at least five percent of the risk in mortgages that they bundle and package for resale as securities on the secondary debt market. The idea, known as requiring "skin in the game," is opposed by the mortgage industry.

The Republicans (like some Democrats) are all for reform that doesn't actually reform anything.