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 More…
Earlier today, the Treasury Department revealed that the administration’s anti-foreclosure program — which encourages banks to alter mortgages voluntarily — has enrolled roughly 360,000 struggling homeowners in trial modifications.
Sen. Richard Durbin (D-Ill.) is hardly impressed.
The upper-chamber’s second-ranking Democrat issued a statement just hours later More…
The percentage of homeowners either in foreclosure or late on a mortgage payment topped 13 percent nationwide in the second quarter of 2009, the Mortgage Bankers Association reported today. The figure is the highest since the MBA began keeping records 37 years ago.
And the trouble is expected More…
As Congress jousts over the effectiveness of the stimulus package to stir economic activity, it’s worth noting that homeowners — whose troubles are at the root of the economic crisis — continue to struggle. Nearly one-fourth (23 percent) of mortgage-paying homeowners nationwide now owe more on their homes More…
As voluntary mortgage modifications have failed to keep pace with foreclosures, House Financial Services Committee Chairman Barney Frank (D-Mass.) said Wednesday that it might be time to bring back the stick of bankruptcy reform. That proposal, which would empower homeowners to escape foreclosure through bankruptcy, was More…
In an interview with The Huffington Post today, Sen. Charles Schumer (D-N.Y.) points out why credit card reforms, which the Senate is expected to take up this week, stand a better chance of passing than the mortgage bankruptcy reforms that failed last week.
“Bankruptcy reform, important as it
Another observation about the troubles facing Senate Democrats as they struggle to push consumer-friendly cramdown legislation through the upper chamber this week: The Obama administration has been little help twisting arms to get the legislation passed.
Yeah, President Obama came out in February and reiterated his support for the More…
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