Demand your Congressman and Senators to Support Mortgage Modifications in Bankruptcy
By David Leibowitz, Illinois and Wisconsin Bankruptcy Attorney on Jan 26, 2009 in Bankruptcy Cases & Legislation, Chapter 13 Bankruptcy
Your Congressman and Senators want to see foreclosures slow down. They say they want to help you. They probably do. But very strong lobbying forces don’t want to help you. These folks are not your friends. They kind of remind me of Mr. Potter in “Its a Wonderful Life.”
According to the Associated Press and the Center for Responsive Politics here are the lobbying expenses of groups which opposed mortgage modification in the 2008 Congress. They are staggering:
_U.S. Chamber of Commerce: $57.9 million.
_Mortgage Bankers Association: $3.8 million.
_American Financial Services Association: $100,000.
_Consumer Bankers Association: $1.6 million.
_Independent Community Bankers of America: $2.98 million.
_Securities Industry & Financial Markets Association: $3.84 million.
_Financial Services Roundtable: $6.1 million.
_American Bankers Association: $6.8 million.
So, dear readers, does money talk or will the people’s voice be heard? It has been reported that 10% of all American homeowners will be facing foreclosure in the present financial crisis. Please speak up for your rights. Demand that Congress listen to the people and not the special interests. Tell your Congressman and Senator that you want Bankruptcy Courts to be able to modify mortgages to an affordable level – NOW.
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