Can we pass the Bankruptcy Modification of Mortgages please?

[MrPerson]

Nothing else will help people losing their homes like refinancing their mortgage arrears away into a new 40 year loan at a lower interest rate forced on the bank by a bankruptcy judge.

The soooner we pass it the sooner people will get back to normal.

[depakid]

1. That and right to rent

Simple changes to the codes- no expenditures required.

[babylonsister]

2. They're working on it...

http://www.mortgageloan.com/mortgage-bankruptcy-bill-reintroduced-2798

Mortgage Bankruptcy Bill Re-Introduced

By:
Bill Rice | January 07, 2009


A controversial mortgage aid bill returns for lawmakers' consideration. First introduced in 2007, Senator Richard Durbin (D-IL) and Representative Brad Miller (D-NC) have re-introduced the Democratic plan to change bankruptcy law. The plan would give judges the authority to adjust the terms of primary, or first mortgages.

The bills are a continuation of a campaign launched by Durbin in December 2007, and was later co-sponsored in 2008 by then Senator Barack Obama. This effort fell short on opposition from President Bush and many Republican lawmakers. Often described as a mortgage "cram-down," opponents of the bill fear the negative impacts it will have on mortgage rates.

more...

[MrPerson]

3. It will have no negative impact on any rates.

They're not fucking lending anyway.

[babylonsister]

4. Quit yer bitchin'. You asked if something could be done,

it seems they're working on it. I don't set policy, I found an article - for you.

[BlooInBloo]

5. Heh - I guess 2 years ago was the time for me to buy a house I couldn't afford, eh?

You're gonna hear a lot of that, with that suggestion of yours.

I half-way agree with that criticism - but the other half says "fuck it, gotta do *something*", and that 1/2 probably wins out (for me).

[nebenaube]

6. yeah right...

and now is the time to buy a house I can't afford so I can get the tax break.