From The Heritage Foundation’s blog The Foundry comes the text of the mortgage-rescue provision of the bailout plan currently under consideration in Congress LEGISLATIVE PROPOSAL FOR TREASURY AUTHORITY TO PURCHASE MORTGAGE-RELATED ASSETS Section 1. Short Title. This Act may be cited as ____________________. Sec. 2. Purchases of Mortgage-Related Assets. (a) Authority to Purchase.—The Secretary is...Read More
U.S. Economy: Confidence Falls as Home Values Decline By Bob Willis Confidence among American consumers fell in May to the lowest level since 1992 as the two-year housing slump showed no sign of bottoming. The Conference Board’s confidence index declined more than forecast to 57.2. The S&P/Case-Shiller home-price index dropped 14.4 percent in March from...Read More
An Amendment in the Nature of a Substitute to H.R. 3609 or the Emergency Home Ownership and Mortgage Equity Protection Act Posted December 19 by Matt Stoller on the blog Open Left If you like this post, Digg It! Sec. 1. Short Title. Section 1 sets forth the short title of the bill as the...Read More
In re Kenneth and Lisa Burmeister, 07 B 6868 Issued: November 16, 2007 Judge: A. Benjamin Goldgar See and download the opinion as a PDF document hereRead More
This story gives adequate protection a whole new meaning. FYI, adequate protection is bankruptcy-speak for the ability to lay your hands on property in case you don’t get paid. Banks generally want to claim $2 worth of property for every $1 they lend; so being ‘adequately secured’ in a bankruptcy case makes their lawyers more...Read More
That Sinking Feeling No commentary offered; I jsut recommend reading this story here on the Internet or in the magazine. Have tissues handy. Stay away fromsharp objects. Take 2 aspirin and call your bankruptcy attorney.Read More
As pointed out here, recent studies have empirically shown what bankruptcy attorneys have known anecdotally for years — that debtors can not only obtain credit after filing, but that on average they receive 3 times as many solicitations as non-debtors. Those study concluded that this kind of behavior by banks and financing companies indicates that...Read More
As noted in this post, subprime mortgage giant Ameriquest is the latest in a list of lenders getting their comeuppance for having engaged in questionnable practices (most in connection with refinances). Prosecutors in the Garden State announced a national, $325 million settlement last year in favor of 725,000 borrowers in 49 states. That agreement was...Read More
eFinancedirectory.com April brought more foreclosures across the nation. Overall filings increased 62% from the same time last year, with filings in California and Nevada shooting up more than 200%. Notice by the way that Illinois is #9 on the list … so much for the stable Midwest market. read more | digg story State Total...Read More
