Bankruptcy Judges want to disspell the myth about how these mortgages are really going to be valued.
The Senate must act quickly to reform bankruptcy law to allow judges to alter the terms of home loans.
Its a no brainer for anyone wanting to save their home from foreclosure.
It represents one of the most tangible and productive steps we can take to limit the fallout.
Homeowners are the only ones who cannot modify the terms of their secured debts in bankruptcy.
Voluntary consumer loan mods, typically involving rate reduction and decrease in principal were nonexistent.
[L]ittle thought is being given to future consequences, intended or not, of this machination.
A seriously misguided bill that will actually add more instability.
The passage of such legislation would be an unmitigated disaster for our economy.
There are many others things that can be done to help debtors retain their homes instead of bankruptcy.
No prudent banker will ever bet on the lower middle class ever again if this passes.
Fundamentally, strip-down is a poor "fit" for the problem of rising foreclosure rates.
Modification of loan terms, in a bankruptcy proceeding, could offer immediate relief to homeowners.
Mortgage bankers oppose the bill even though it could ultimately benefit their industry.
[Mortgage modification in bankruptcy] will be a critically important tool for reducing the numbers of foreclosures...
We’ve spent a year and a half on failed efforts to encourage voluntary modifications.
Helping Families Save Their Homes in Bankruptcy Act. . .could save as many as 600,000 families from losing their homes.
I believe this bill provides sensible and much-needed modifications to the Bankruptcy Code
Senator Durbin's legislation... will significantly reduce the number of foreclosures."
The [Durbin] bill also undoes a longstanding injustice.
It will... actually help "stabilize" the residential mortgage market in the long term.
If these provisions are enacted, there will be significant consequences for future borrowers, ...as well as, the entire American economy.
The best way to shorten the period of pain is to let the home market correct itself
Imagine how it will be when markets respond by setting mortgage interest rates like those on credit-card debt.
Permitting home mortgage strip down would likely cause difficulties in the secondary mortgage market...
I urge caution and restraint in doing anything which attacks what is only a portion of a greater problem.
[M]ortgages and other real assets are poor candidates for bifurcation in bankruptcy . . .
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