Let me begin by pointing out that I'm a big fan of train travel. I've ridden trains up and down the Eastern Seaboard and across half of Europe. I've hung out in old rail yards, searched out hidden rail tunnels, and once went to a wedding in the O. Winston Link museum. Like my Walletpop colleague Beth Wechsler, I'm a fan of the romance of train travel and would really like to see it come back. Unfortunately, though, I don't think Amtrak is going to make it happen.

Recently, the House of Representatives passed a bill authorizing almost $15 billion to fund Amtrak for the next five years. In addition to covering general operating expenses, the money would be used, with matching grants, to extend rail service into states where it is lacking. The justification for this massive expenditure was the fact that rail, ideally, provides a low-cost travel alternative for consumers.

There's a problem, though. First off, Amtrak isn't really low-cost. According to the Amtrak website, a ticket from Union Station in Washington D.C. to Penn Station in New York City ranges from $98 to just over $200 dollars. By comparison, a bus ticket for the same run generally goes for under $30. While the bus takes a little longer, it offers clean, comfortable seats. Amtrak, on the other hand, always leaves me desperately wanting to shower.

Every now and again over the past couple of years, some media source or another has run a story about the impending switch to digital TV. As of February 17, 2009, all television signals will be broadcast in digital, as opposed to analog, format.

This was mandated by Congress, which justified it by stating that digital broadcasting will clear up frequencies for public-safety communications. I'm sure that this decision had absolutely nothing to do with the fact that it would ultimately require millions of Americans to buy new televisions, which would pour tons of money into the coffers of various manufacturers. I can't help but wonder how much money Sony has contributed to Congressional election funds over the last decade or so.

On the one side, this is really pretty irrelevant. If you receive your television signals through cable or satellite, then you will not be affected. In fact, this will only be an issue for people who use television antennae, a technology that is almost out the door.

Consider:

• The credit crunch has a lot of people concerned that student loans will be difficult to come by. Companies including College Loan Corp., CIT Group Inc., NorthStar Education Finance Inc., HSBC Bank USA, M&T Bank and Zions Bancorp have recently stopped issuing federally guaranteed loans. In all, 50 lenders representing 12% of the market have stopped making these loans.
  
• Sallie Mae has said it will no longer offer consolidation loans for federal loans.
• State agencies in Iowa, Michigan, Montana and Pennsylvania have suspended their student loan programs.
• It's an election year.

What does all this mean? Congressional hearings of course! At 10 AM EDT, a hearing on the state of the student lending industry convened, and lawmakers and several proposals aimed shoring up the market are floating through Congress.

I'm not so sure a little tightening in the industry is such a bad thing though. Student loans have become easy to get, allowing students to graduate from college with $50 thousand or more in debt, severely hurting their ability to get a good financial start in their adult lives.

Fewer student loans may encourage kids to pursue lower-cost options for education, and that will be good for them long-term.

Isn't it time you started reaping the benefits of your local congressman's clout? Not yet ready to ask for a letter of recommendation for West Point? Have no fear because if you are the bearer of student loans and your loan company is shafting you, your congressman may be the key to a happy ending.

Getting some satisfaction with the help of your congressman or woman is so easy anybody can do it. Granted, like all problems and lending issues, it helps if you are in the right and have been paying your lender what the terms state. But this strategy may work even if you are close to being handed off to a collection agency.

As a little background: My wife had all of her student loans through Sallie Mae, affectionately referred to around our house as the devil. Several of these private loans which Ms. Mae was holding on to were pulling in 13.25% interest! We had included some of these loans in an initial federal consolidation which never worked out. Apparently the incoming fax line at Sallie Mae was hooked right up to a paper shredder because they never received our requests to consolidate. We tried again to consolidate my wife's private loans with Wells Fargo, who, just like our federal consolidator, never received a response from Sallie Mae. Fed up with the problems we were having, I did what any rational person would, I called my local news stations call for action. This is where I found out I could contact my congressman to get some satisfaction.

The U.S. of Representatives moved to protect borrowers and improve lending disclosure by passing the Mortgage Reform and Anti-Predatory Lending Act late yesterday. Democrats were joined by 64 Republicans to pass the much needed bill by 291 to 127. Mortgage brokers and bank loan officers will have to be licensed and will have to register to be involved in mortgage lending - something that's been needed for years - if the legislation becomes law. No longer will they be able to make deals behind the scenes that cost borrowers more money for years in higher interest payments without fully disclosing the costs.

The bill, if passed by the Senate, would bar a lender from making a loan unless the borrower has a reasonable ability to pay and would set clear federal standards that apply to all lenders. The bill would also prohibit financial incentives to sell mortgages at higher rates than the borrower qualifies for. Brokers defend these incentives, known as yield spread premiums, as worthwhile for borrowers who want to finance certain expenses to hold down closing costs. But the higher rates cost them much more money over the life of loan. Many times the yield spread premiums are not even disclosed to the borrower. The bill's chief proponent, Rep. Barney Frank, said the bill will allow these premiums provided the borrower knowingly agrees to the higher rates.

The bill would also make Wall Street banks responsible for lending practices that violate this law even if their only involvement with the mortgage was to package and sell it as a security. This provision certainly will make banks much more cautious before putting together these securitized mortgage pools. But, banks must abide by Fannie Mae or Freddie Mac standards to sell the loans to these government-chartered entities, so a similar underwriting process is already in place and practiced regularly by the banks.