Judicial mortgage modification is included in the Administration’s Housing Plan being released today. USA today says 7 to 9 million families will be helped by the Obama plan. Unsurprisingly, $75 billion more of taxpayer money is called for the by the “homeowner stability initiative”. The President will say banks and lenders must be held accountable, [...]
February 2009
Americans will be paying back the trillions in bailout money for decades. Bank of America and Chase are just two of the many banks which received bailout funds. Now, in what I like to call, the ultimate slap in the face, Bank of America and Chase, after receiving approximately $90,000,000,000.00 ($90 billion) in bailout money, [...]
Judicial Mortgage Modification has cleared the House Judiciary Committee. Bankruptcy Judges have sent a letter seeking more exact wording, so that they will know what Congress intended. This is not an endorsement of the legislation, only some good questions about what exactly Congress means. And who doesn’t have questions like that of Congress? California bankruptcy [...]
As a bankruptcy lawyer, I am very sensitive to the on-going debate in newspapers, by financial “experts” on TV and on hundreds of blogs regarding the “best” way for a struggling consumer to get out of debt. Controversial and hard line positions tend to get attention so it is not surprising to find pundits to [...]
As part of the largest predatory-lending lawsuit in history, Countrywide will use $8.4 billion to modify mortgage terms for 400,000 borrowers in Texas and ten other states who received unaffordable loans from Countrywide. The Texas AG’s office initiated an investigation into allegations that Countrywide encouraged homeowners to accept loans they could not afford, failed to fully [...]
Settling your debts through negotiation sounds like a good idea short of bankruptcy. It rarely works out that way if you have a lot of debt compared to your current income. Most debt negotiators operate on a specific idea: You will save up the money to make a settlement offer to each lender in turn [...]
