Following up on yesterday’s post today president George Bush and the two highest economic officials in the US government all objected strongly today to plans in Congress for changing bankruptcy laws to protect homeowners caught up in the mortgage meltdown. The idea of allowing bankruptcy judges to restructure loans ‘wouldn’t be fair to millions who […]
White House Opposes Bankrupty as Protection from Foreclosure
February 28th, 2008 · No Comments
Tags: Foreclosure Information · Mortgage Legislation
US Frees Fannie Mae and Freddie Mac; Democrats Move to Prevent Foreclosure via Bankruptcy
February 27th, 2008 · 1 Comment
United States regulators have ripped up longstanding restrictions on the government-sponsored mortgage companies Fannie Mae and Freddie Mac, freeing them to buy significantly more mortgages and potentially to reinvigorate the secondary market for mortgage debt. At the same time, Senate Democrats have introduced a bill that includes a controversial provision to the mortgage banking industry […]
Tags: Avoiding Foreclosure · Mortgage Legislation · Mortgage Notes
Countrywide ‘Recreating’ Documents in Bankrupty Court
January 7th, 2008 · No Comments
According to a NYTimes article, the Countrywide Financial Corporation fabricated documents related to the bankruptcy case of a Pennsylvania homeowner, raising new questions about the business practices of the giant mortgage lender at the center of the subprime mess.
The emergence of the fabricated documents comes as Countrywide confronts a rising tide of complaints from borrowers […]
Tags: Foreclosure Information · Foreclosure Statistics · Mortgage Litigation · Mortgage Scams