Modification of Mortgages by Bankruptcy Courts
Despite protests from many banks, Congress is considering a plan that
would allow the modification of mortgages by bankruptcy
courts. Banks opposed to this measure say that the move would
cause mortgage costs to rise for all. However, leading
Democrats feel that banks that have been bailed out should be doing
more to help Americans in foreclosure trouble. Recently,
Citigroup has lent its support to the measure, which is a step towards
getting the bill passed. On Tuesday, the measure will begin
its journey towards possible confirmation.
Citigroup, Senators in Talks to Let Judges
Modify Mortgages
Mortgage Modifications are Seen as
Adding to Housing Woes
The Obama administration’s $75 billion program to protect homeowners
from foreclosure has been widely pronounced a disappointment, and some
economists and real estate experts now contend it has done more harm
than good.
U.S. Loan Effort Is Seen as Adding to Housing Woes
The Way We Live Now - Why should underwater homeowners
behave any different from banks?
The increasing number of voluntary defaults may incent lenders to
renegotiate loan terms. In theory, this may produce a wave of mortgage loan modifications.
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