Posts tagged as:

Bankruptcy

Real Estate Bankruptcies Expected to Rise as Lenders Take Huge Losses

by Evan Bedard

Dec. 23 (Bloomberg) — Harvey Miller, lead bankruptcy lawyer for Lehman Brothers Holdings Inc., says real estate bankruptcies may rise as lenders find they can no longer delay taking losses on their loans.

Miller, 76, a partner of Weil Gotshal & Manges LLP of New York, told Bloomberg Radio today that financial institutions are holding “huge [...]

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Good Housing Bill, But No Bankruptcy Help for You!

by Moe Bedard

Homeowners get more housing help from Washington, but no mortgage bankruptcy assistance. No bankrupcty help for you, to the back of the line!
The U.S. House of Representatives on Tuesday approved the final revisions to yet another housing bill that will offer more incentives for lenders to promote more refinance and loan workout options for more struggling homeowners. [...]

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Silence Equals Consent

by Moe Bedard

By Moe Bedard
While a few stalwart senators tried to battle for the passage of the cramdown bill last week we heard a number of important opinions, both pro and con, regarding the proposed power of bankruptcy judges to reduce principle balances on home loans. It appeared obvious to me and a great deal of other [...]

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Cramdown Bill: Stalled until Memorial Day and Term Limits?

by Moe Bedard

By Moe Bedard
The cramdown bill, if passed, seems like the only way that Americans across the board would be able to reduce their principle balances, that is, if they are willing to go through bankruptcy court. Again, the program has been delayed in the senate as major lenders, credit unions and the financial services industry [...]

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Guilt by Association

by Moe Bedard

By Moe Bedard
The economy in America has its citizens demanding answers. Attorney’s General, the Treasury Secretary and even the President have issued nothing less than a legal holy war against any firm associated with the loan modification industry, lending industry and securities dealers that had anything to do with mortgage backed securities.
Guilt by association is [...]

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Second Mortgages: What will be done about them?

by Moe Bedard

While President Obama, Tim Geithner and Ben Bernanke continue to advance plans to improve the economy offering answers about how homeowners, lenders and even judges can modify loans, one important piece of the puzzle is often left out: second mortgages.
Current legislation aimed at incentivizing lenders to modify first mortgages may not be enough to solve [...]

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Mortgage Modification Act and Politics as Usual

by Moe Bedard

“Modern politics is, at bottom, a struggle not of men but of forces. The men become every year more and more creatures of force, massed about central powerhouses. The conflict is no longer between the men, but between the motors that drive the men, and the men tend to succumb to their own motive forces. [...]

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Schumer decried the lenders’ tactics as amounting to “death by a thousand fees.”

by Moe Bedard

New York Senator and Chairman of the Senate Judiciary Subcommittee on Administrative Oversight and the Courts, Charles Schumer has decried ‘Death by A Thousand Fees’; suggests better deterrence, stiffer penalties, and more disclosure to end ‘Vulture Mentality’ of mortgage lenders and servicers.
Can everyone say, “predatory servicing?” Welcome to mortgage servicing 101.
Mortgage Servicing Chapter 1 – [...]

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House debates foreclosure rescue

by Moe Bedard

Barney Frank: We’re telling people, “We wish you would use this alternative process.” Some of them will say, “Well, I can make more money foreclosing, so the hell with ya.”
Lenders are lobbying furiously against any move to give judges the power to adjust mortgages.
The House is expected to consider a $300 billion housing rescue package [...]

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Feds prosecuting foreclosure scam of California man

by Moe Bedard

A warning to all homeowners. Beware of scammers that are acting as foreclosure and loss mitigation consultants.
TOPEKA, Kan.—An Israeli citizen living in California remains jailed until his federal trial over allegations he ran a foreclosure scam.
Forty-one-year-old Isaac Yass is accused of filing fraudulent bankruptcy petitions in Kansas that were part of a scheme to bilk [...]

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Bush to Veto Senate Bankruptcy & Foreclosure Bill

by Moe Bedard

It looks like Bush is adamantly opposed to the new bankruptcy bill that will save American homeowners and it is no surprise. The Bush administration is failing the American people is every which way, shape and form.
Their interests are with the lenders and banks. Their Hope Now buddies, banks and servicers. Their pals that hold the [...]

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Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths

by Moe Bedard

The the U.S. House of Representatives Committee on the Judiciary, Subcommittee on Commercial and Administrative Law holds a hearing today. The subject of the hearing is the “Growing Mortgage Foreclosure Crisis: Identifying Solutions and Dispelling Myths” and the new bankruptcy bill is on the agenda.
The Mortgage Bankers Association  (MBA) has an agenda and their agenda [...]

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