Sen. Dodd Drafting Bankruptcy Legislation

[whywhywhy]

http://cqpolitics.com/wmspage.cfm?parm1=5&docID=cqmidday-000002633644

[lrprn]

Thanks for sharing, WWW. Senator Dodd has an uphill fight on his hands. It took the lenders almost eight years to ram the current creditor-favorable law through Congress (along with millions in campaign contributions). Doubtful Mr. Dodd can get anything done quickly, but it never hurts to try.

I really admire Dodd's swimming upstream publicly against the big mortgage lenders, especially when he needs all the campaign contributions he can get.

[Hillbilly]

According to the Center for Responsible Lending, changing the law to allow bankruptcy courts to modify mortgages in this way could allow as many as 600,000 people to stay in their homes over the next two years.

The lending industry strongly opposes the proposed change, arguing it could end up raising lending costs and further damaging an already weakened housing market.

Yeah, like the lending industry really needs all of these additional hundreds of thousands of foreclosed, vacant, and abandoned properties sitting on their books to lower their lending costs and further help (sink) an already weakened housing market...???

[magyar123]

Nothing will happen until the shrub rides off towards the Texas sunset - in about a year and a month

[DebtSlave]

Can't wait.......about Schrub
However don't fool yourself.
Politicians on the National stage have accepted way too corporate donations. They are beholding to the thieves without guns.
N.B. Sen Joe Biden from Delaware voted yes on the new BK code...so did many others