"If consumer groups and some legislators had their way, the $700 billion financial bailout bill would have included a provision to let federal bankruptcy judges lower payments on subprime mortgages to help homeowners who had fallen behind on their payments avoid foreclosure.
Still, it's possible that bankruptcy reform provision could get taken up by Congress next year, observers say. And while East Bay Democrats have indicated they would support the reform, any attempt to do so is likely to face strong opposition from Republicans and the powerful mortgage, home building and banking industries.
Supporters contend that letting bankruptcy judges lower interest rates and principal due on a homeowner's primary mortgage would help delinquent borrowers make payments and keep their homes, help stop the downward spiral of housing prices that hurts all homeowners and protect lenders from financial losses associated with foreclosure.
'Having a loan modified in lieu of foreclosure is a far preferred outcome for borrowers, for lenders, for neighbors and for taxpayers as well,' said Paul Leonard, California director of the Center for Responsible Lending. The Center estimates if bankruptcy judges could modify existing loans, up to 600,000 homeowners nationwide, including up to 120,000 in California, would avoid foreclosure."
The Outrage Machine and Doom
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I’m hardly the first to observe this, but social media and our current
regular media environment is doing us harm. I read two pieces related to
this idea...
WILD GEESE by Mary Oliver
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Poetry You do not have to be good. You do not have to walk on your knees
For a hundred miles through the desert, repenting. You only have to let the
soft a...
The Southwest Airlines Debacle
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A good technical explanation and a refreshing suggestion: that the remedy
is removing the liability shield and allowing the threat of serious
financial con...
[12+] Dance Moms Abby
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Created by Collins Avenue Productions the show follows the training and
careers of children in dance and show business under the tutelage of Abby
Lee Mil...
Bank accounts
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They're where the money is. Right? Today we want to compare a couple of
public accounts and the relationship between them. One is Indianapolis
public schoo...
Let Bannon and Trump talk. We’ll report.
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*When a top White House* aide called *The New York Times* on Wednesday to
offer up the sort of cartoonish, press-hating invective that has
characterized Pr...
New Poll Shows Trump Up In Indiana By Nine Points
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Every poll taken in Indiana shows Donald Trump leading his Republican
primary opponents in next week's primary election. The latest poll released
by ARG gi...
The Real Motivation of the Pain Caucus
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Above: Publication Appearing in 3 Weeks At Your Dentist’s Office Insults
Your Intelligence Time Magazine made the smart decision to put its dumb
cover stor...
How did Wisconsin become a cesspool?
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Well, there's "Anything Goes" with the judges. These writings have
far-reaching implications, not just for the John Doe investigation
underlying the instan...
The Return!
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Stay tuned...what was once Indy's Painfully Objective Political Analysis
(iPOPA) is undergoing a transformation, but it will be back soon!
This blog has moved
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This blog is now located at http://blog.animalswithinanimals.com/.
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Trouble with the CIB
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Well folks your friendly neighborhood Capitol Improvement Board
("CIB")needs some help.
You might recall that the CIB is the quasi-government agency that r...
Dartmouth Law Journal calling for papers
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The Dartmouth Law Journal (DLJ) is a scholarly law review published three
times a year by undergraduate students under the auspices of the
Rockefeller Cent...