Posts tagged as:

home bankruptcy

Wealthy Families Face Bankruptcy on Real Estate Crash

by Moe Bedard

More individuals or families with at least $1,010,650 in secured debt and $336,900 unsecured are using Chapter 11 of the U.S. bankruptcy code typically associated with business reorganizations. Falling U.S. home prices leave them unable to refinance or sell properties when they drop below the value of the mortgage, said Joseph Baldi, a Chicago bankruptcy [...]

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Top Dems Renew Call for Cramdown: YAWN

by Moe Bedard

More mortgage bankruptcy puffery in Washington for your intertainment. Is this all just for show Main Street? Are these politicians really fighting for you to keep your home or are they out to just fool you long enough until the 2010 elections?
 “Waiting for banks to ‘volunteer’ to end this foreclosure crisis is a waste of time,” Durbin said in [...]

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Barney Frank threatens mortgage bankruptcy, yet again

by Moe Bedard

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 [...]

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Durbin Gives Bailed Out Banks ‘Cramdown’ Ultimatum

by Moe Bedard

“The voluntary efforts by some banks to slow the foreclosure crisis and stabilize America’s housing market have not worked,” Durbin said during a housing forum at the Center for American Progress Action Fund. “Whether the bankers and mortgage servicers are failing because of intransigence or incompetence doesn’t matter … They have to do much better.”
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Barney Frank – Can he save homeowners?

by Moe Bedard

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 [...]

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Cram Down or Sham Town?

by Moe Bedard

OK, this Washington bankruptcy cram down BS is getting soooooo old. I have heard the same BK lip service for the last two years and it looks like I better get my homeowner boots on because here it goes again folks.
Yet another attempt in Washington to revisit the bankruptcy cram down has begun. Yawn…. I think [...]

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Legislature May Pass Bill Modifying Bankruptcy Providing Judges Wide Reaching

by Moe Bedard

Following the trends of bankruptcy law over the last year the subject of “cramdowns” has made some lenders tremble and others, like me, anxious to see what our legislature will do to empower homeowners nationwide. If this new legislation makes it in to the senate and passes, I’m hoping President Obama will sign the new [...]

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Cram Down Nation: Do Lenders Fear Obama?

by Moe Bedard

Obama Bankruptcy quotes from July 2008:

Families, he said, who “are being preyed upon by predatory lenders. If you’re protecting America, America should be protecting you from unfair bankruptcy laws.”

He said he would create a “fast-track bankruptcy practice” for military families, which would ease restrictions against declaring bankruptcy, eliminate “unnecessary” paperwork and “let them keep a greater share of the value of their home.”

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Principle Reductions: Wipe Out Your 2nd Mortgage With Bankruptcy

by Moe Bedard

Millions of American homeowners are now upside-down on their home mortgage and they are looking for a way out. In some areas like the Inland Empire of California, local homeowners have seen values drop 30-50% and many are making a “business” decision to walk away without ever exploring ways to save their home. If you [...]

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