Barney Frank is threatening yet again to bring the bankruptcy cram down bill to life again. The same Senate opposition is speaking up against it. Rep. Spencer Bachus of Alabama, “Bankruptcy cram down would seriously prolong our housing recovery by decreasing mortgage credit,” he said in opening remarks at the hearing.
I am sorry Mr. Frank, but this beginning to sound like a a broken record that just needs to quit. For almost two years we have seen this same headline at least 5 times or so. Yet, two years later Main Street homeowners are still in the same precarious loan modification positions.
“The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of getting mortgages modified,” Mr. Frank said at a House hearing on the Obama administration’s foreclosure-prevention effort.
Mr. Frank, I’m 62 year old I am disabled currently on Social Security disability, my only income now. My fiancé is on Social Security. We both have worked all our lives ,and we invested all our savings, plus a home that was paid to round! We invested our money in real estate, in Massachusetts in rental properties. With the tenants not paying rents, and us fallen behind on our mortgages, car loans, insurance, taxes, water/sewer etc.. We were forced into bankruptcy. Our gross income now is approximately 3000 a month. My question? Is there a chance for us to own home again a modest two-bedroom? Or is it just a pipe dream? Thanks Joe
Our traditional free market home buying terms PREVENTED foreclosures. ~~~ The terms in our government`s “Community Redevelopment Act“ CAUSED the millions of foreclosers, and the meltdown of our economy. ~~~ Vote the social engineering bastards out of office.