To protect the more than $600 billion in student loans insured by the federal government, Congress has made it very difficult to modify these loans. Bankruptcy courts are not allowed to reduce the principle except …
As I wrote in my last BLOG entry, the new administration foreclosure prevention program encourages lenders to reduce mortgage principle by up to 30% (called a “cram down”) in order to bring payments down to …
I have long said that no mortgage modification program tried so far is likely to work. The only thing I know of that would be effective is to give bankruptcy courts the right to “cram …
The Wall Street Journal editors are joyous. The Senate (as of the last day in April) has killed the revision to the bankruptcy law that would have allowed judges to “cram down” the principle on …
How many attempts have we had to provide a foreclosure prevention program that actually works? Many of them have been described in previous BLOG entries on Foreclosure Prevention. None of them …
Relying on consumer expert Harvard Professor Elizabeth Warren, who says that credit card issuers have put the loan sharks out of business, NBC’s Dateline used hidden cameras to expose illegal and fraudulent practices of debt …
Right now bankruptcy judges are allowed to “cram down” (reduce the principle) on second home mortgages, investment property mortgages, and even mortgages on yachts. But they cannot touch the terms of a residential mortgage.
As we …
President Obama has finally (Feb 18th) announced his long awaited plan to help homeowners prevent foreclosure. This will benefit not only those who cannot pay their mortgages, but also those whose home values have been …
We been following the ups and downs of the foreclosure prevention business for some time now. See other entries under the Foreclosure category.
Right now (February 2009) the situation …
The Wall Street Journal Reports that Citigroup, having taken billions of bailout dollars, may be ready to lead a 180-degree turnaround in lenders’ objections to letting bankruptcy judges do mortgage “cram downs.” If these negotiations …