Posts tagged as:

home mortgage bankruptcy

BlackRock: Consumers need a new type of bankruptcy that would better aid homeowners

by Moe Bedard

Jan. 21 (Bloomberg) — Consumers need a new type of bankruptcy that would better aid homeowners and be fairer for mortgage-bond investors than the existing U.S. loan-modification program, BlackRock Inc. Vice Chairman Barbara Novick said.

BlackRock, the world’s largest asset manager, proposes creating a bankruptcy option under which terms of a consumer’s mortgage can be eased, [...]

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Personal Bankruptcies Skyrocket as Homes Sales Plunge

by Moe Bedard

Bankruptcy filings increased in all 50 states in 2009. The states with the highest filing rates were Nevada, Tennessee, Georgia, Alabama and Indiana. Those with the sharpest increases over 2008 filing rates were Arizona, Nevada, California, Wyoming and Utah, all of which saw increases of between about 60 percent and 80 percent, according to Professor [...]

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Mortgage Bankruptcy Cram-Down Bill Fails, Yet Again

by Moe Bedard

The banks win and homeowners loose as the glorious people who are supposed to represent the people, the U.S. House of Representatives voted to slam-down the cram-down measure that would have allowed bankruptcy judges to modify mortgages in a court of law for struggling homeowners.

The home mortgage bankruptcy bill or commonly referred to as the “mortgage [...]

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Treasury Says Cramdown Is Still Off the Table, Even Though Loan Modifications Aren’t Working

by Moe Bedard

As Mike pointed out today, the slow pace of loan modification progress has prompted some lawmakers to once again call for mortgage cramdown legislation that would allow bankruptcy judges to modify loans and keep borrowers in their homes.
But the Obama administration is signaling clearly that while it may be open to some new tactics, cramdown [...]

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Mortgage Bankruptcy Bill Passed by Congress

by Moe Bedard

After almost two years, it now looks like bankruptcy judges will soon be allowed to offer loan modifications through bankruptcy court as a last resort for a homeowner to stop foreclosure.
The process of claiming bankruptcy on your mortgage has been dubbed “cramdown.”
Under current BK laws, bankruptcy courts may reduce many forms of debt for struggling [...]

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Mortgage Bankruptcy Cramdown = Washington Showdown

by Moe Bedard

It looks like the controversial home mortgage bankruptcy bill will be delayed because of a severe snow storm that covered Washington D.C. today, forcing the U.S. House of Representatives to push back their bankruptcy votes to a later date.
The bankruptcy provision, known as a “mortgage cram-down,” would empower Federal Courts to write down the interest [...]

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Congress Still Concerned About Mortgage Servicers & Loan Modifications

by Moe Bedard

This Thursday the House of Representatives is expected to vote on a bill that would provide much needed help to  struggling homeowners. The bankruptcy bill that we have been talking about for well over a year on LoanWorkout.org, HR 200, would allow bankruptcy courts to modify mortgages and slash principles for underwater homeowners.
See Moe’s past bankruptcy blog posts [...]

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