Looks like Barney Frank may come to rescue homeowners. Mr. Frank is in the media again threatening lenders with bankruptcy reform because he wants more loan modifications and they are just not happening.
Is this just more hot air from Washington and how long can we pose empty threats at an industry that just does not seem to listen?
Maybe you can write your senator and tell them your story?
Rep. Barney Frank, D-Mass., who chairs the House Financial Services Committee, said if mortgage servicing firms fail to fulfill their commitment to policymakers to help more borrowers they could face legislative retribution on Capitol Hill. Allowing bankruptcy judges to modify the terms of mortgages, which isn’t allowed under current law and is opposed by the financial services industry, could become reality, Frank said.
“If this last effort to produce significant modifications fails, the argument for reviving the bankruptcy option will be extremely strong,” Frank warned in a statement released by his office.
Barney is not out to save homeowners – he is out to save his own hide. His previous activities tied to sub-prime lending help create this mess and true his political stripes is forcing someone else to take responsibilty for his actions
I never heard from anyone congress etc. that I wrote to except the governor Charlie Crist(Fla.). I had to declare bankruptcy, ch 7, to save my home, the attorney said, for only about 3-4 months. I cannot find a job in Florida.