Fannie and Freddie have called a halt to foreclosure sales, and evictions but that November moratorium is set to expire next week. Yet to come, more resets of ARM interest rates, as bad loans were still being rolled out into the summer of 2007, and have not hit the 2 or 3 year mark at…
Monthly Archives: January 2009
Update-Chapter 13 Bankruptcy Reform
Bill passes House Judiciary Committee, you can read it here. What is now happening in Detroit, Michigan, is that foreclosed homes are being given away by New Century, which sold 60 homes for $60.00. That is right, 1$ per home. Someone studied the records, came in and said I will take them off your hands….
Chapter 13 Bankruptcy Reform Passes House Judiciary Committee
Per the American Bankruptcy Institute web site: As the House Judiciary Committee approved mortgage cramdown legislation yesterday by a vote of 21-15, Democratic leaders are preparing to wrap it into the omnibus spending package slated to come to the House floor next week, CongressDaily reported today. House Judiciary Chairman John Conyers (D-Mich.) made three changes…
Chapter 13 Bankruptcy Reform – Judiciary Committe Vote Today
The House Judiciary Committee will meet at 1 p.m. ET today to mark up (consider) HR 200, the “Helping Families Save Their Homes in Bankruptcy Act.” At the time of the mark up their will be a manager’s amendment offered by Chairman Conyers that will embody the language changes agreed to in the Citigroup discussions…
Chapter 13 Bankruptcy Reform – Obama’s Position
How long will Congress wait before voting on Chapter 13 bankruptcy reform? The article linked to above says many in Congress are eager, but the administration, though supportive, asked to have reform stripped from the stimulus bill, to get that done first. Our government, always eager to spend our money.
Chapter 13 Bankruptcy Reform – Bankers Oppose
Stunning news, the bailed out, whose appetite, and need, for our money knows no bounds, oppose Chapter 13 bankruptcy reform that would let homeowners avoid foreclosure and keep their homes by allowing bankruptcy courts to re-write the terms of their mortgages. It is time to yell (OK, maybe speak) to our representatives, that they have…
Chapter 13 Bankruptcy Reform Update
Per O. Max Gardner, North Carolina bankruptcy lawyer extraordinaire: John Logan and the NACTT objected to the proposed Mortgage Bankruptcy Bill because it mandated direct payments on the modified mortgage. I have been a big supporter of Conduit Payments for years and we are working on a new Conduit Payment Rule for the WDNC. I…
Chapter 13 Reform Dropped From Stimulus Bill
Our rulers have decided they need to proceed with the largesse of the “stimulus” package without Chapter 13 bankruptcy reform, so that provision has been split from the bill.
Cram Down Reform Deleted From Stimulus Bill by White House Action
Chapter 13 reform maybe dropped from stimulus package in the Senate. will check source for below, for now, here it is: Posted: 01/22/09 05:23 PM [ET] Liberal Democratic lawmakers railed Thursday against the tactical decision of President Obama and House leaders to leave a bankruptcy “cram-down” provision out of the economic stimulus package. The provision…
Chapter 13 Bankruptcy Reform Testimony
House Judiciary Committee heard testimony today on the proposed reform legislation, that would let bankruptcy courts modify the terms of mortgages secured by principal residences. This is the only category of loan that CANNOT be modified under current law. I talk to one or two people each day who would be helped by this law….
