HYPOCRISY UPDATE: Both Republican Senators Snowe and Collins of Maine voted against an amendment from Consumer Champ Senator Russ Feingold that would have set a federal homestead floor of $75K for the elderly. This amendment would have allowed seniors to get homestead exemptions allowing them to hold onto their homes when they file for bankruptcy. Homestead exemptions are currently decided by the states, and some are as low as $5,000. That means that seniors who have worked a lifetime to pay off their homes and seen the value of those homes appreciate substantially in the past several years cannot shield them from their creditors in bankruptcy. This amendment would have softened the blow this bill will deal to millions of seniors by setting a federal homestead floor for every state. During the floor debate for this amendment, Senator Feingold said, "Seniors are the people who need the exemption most." I guess Senators Snowe and Collins disagree.

It turns out that these two not only disagree with Senator Feingold, but they also disagree with their own constituents. Today, seniors in Maine are offered a special homestead floor of $70K. The two Republican Maine Senators voted against giving seniors across the country the same protection that the Maine legislature has decided they deserve in Maine.