Thank You STeven Kop for staying on top of this. All this bill does is level the playing field. Large loans in Chapter 11 can be stripped down to their real value but not so for the little guy who just has a house. It’s one more step in the right direction.
This bill will allow an Amendment to be added to the original House Bill enabling bankruptcy judges the power to grant loan modifications (aka mortgage cram downs and strip downs) in an effort to help unemployment consumers stay in their homes. The effect the country is experiencing due to the rapid rate of foreclosures is causing the immediate necessity to pass this Bill.
Take a step. Send a letter like the sampledrafted by Mr.Kop (see below).
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H.R. 4173, the Wall Street Reform and Consumer Protection Act will be considered by the full House of Representatives beginning this Wednesday, December 9th.
This bill will allow an Amendment to be added to the original House Bill enabling bankruptcy judges the power to grant loan modifications (aka mortgage cram downs and strip downs) in an effort to help unemployment consumers stay in their homes. The effect the country is experiencing due to the rapid rate of foreclosures is causing the immediate necessity to pass this Bill.
EXCERPT FROM ARTICLE PUBLISHED BY THE AMERICAN BANKRUPTCY INSTITUTE
House Judiciary Chairman John Conyers (D-Mich.) has submitted an amendment to the financial overhaul package that would allow a bankruptcy judge to modify the terms of a home mortgage, including reducing the principal, CongressDaily reported today. Fifty-four amendments were filed two hours before deadline submission yesterday, and the House Rules Committee will meet today to consider the parameters for floor debate and again Wednesday before issuing its rule. Debate on the legislation could start as early as Wednesday.
LINKS FOR MORE INFORMATION:
Newsfeed from December 8, 2009
http://www.cnbc.com/id/29529573
Link to ABI Article (you need to login to read the entire article)
http://www.abiworld.org/ Click ONLINE RESOURCES then BANKRUPTCY HEADLINES
Newsfeed from April 30, 2009
http://www.foxnews.com/politics/2009/03/05/house-passes-mortgage-bankruptcy/
SAMPLE LETTER (OR EMAIL) TO YOUR REPRESENTATIVE:
I am writing to urge Rep. __________ to support the amendment to H.R. 4173 being offered by Reps. Conyers, Turner, Lofgren, Marshall and others that will help stabilize the housing market by helping families avoid foreclosure.
The foreclosure crisis continues to worsen and is preventing the economy from beginning its recovery. In 2009 alone there have been more than four million foreclosures, and it has been forecasted that unless something is done, there will be 14 million more over the next few years.
The Obama Administration’s Making Home Affordable plan has failed because it provides a carrot, but no stick. The stick was always intended to be judicial loan modifications.
Obviously, the banks and servicers are not going to modify loans voluntarily. We need judges to be able to modify the mortgages on primary residences for homeowners in bankruptcy.
If you voted yes on HR 1106 this past spring, this new amendment is identical to H.R. 1106. If you voted no on HR 1106: Please consider that in the intervening months, the foreclosure crisis has gotten much worse. If our economy is to recover, we need the housing market to stabilize before any recovery can take hold. Thank you.
Sincerely,
Your name here
HOW TO FIND YOUR HOUSE REPRESENTATIVE:
https://writerep.house.gov/writerep/welcome.shtml
Steven K. Kop
Attorney at Law
Filed under: bubble, CDO, CORRUPTION, currency, Eviction, foreclosure, GTC | Honor, Investor, Mortgage, securities fraud | Tagged: Congress Daily, CPA, House Judiciary, House Rules Commmittee, John Conyers, Wall Street Reform and Consumer Protection Act |
Sorry, it failed.
Mortgage ‘Cram-Down’ Bankruptcy Amendment Fails in U.S. House
http://www.bloomberg.com/apps/news?pid=20670001&sid=azB6PD4NAPSs
4closureFraud
You can read the bill here:
The Wall Street Reform and Consumer Protection Act – H.R. 4173
4closureFraud
Today, Thursday December 10, 2009 the House starts voting on this critical bill—one that will finally rein in Wall Street and protect consumers…
Big banks are spending gobs of money lobbying to weaken or kill the bill. It’s almost unbelievable, but after causing a global financial meltdown, they actually believe that they should be able to continue conducting business as usual.
And they’ll get away with it if Congress thinks voters aren’t paying attention. That’s why we need to flood our Representatives office’s with calls right now, so they know that their constituents will hold them accountable if they stands with Big Banks.
Tell them that you support the “Wall Street Reform and Consumer Protection Act of 2009” (H.R. 4173), but oppose the Minnick amendment, which would gut the consumer protections in the bill.
With the House considering dozens of amendments before the final vote, there are big opportunities to improve the bill. But there are also opportunities for the banks to weaken the bill, if we don’t speak up.
Big banks and mortgage brokers who make billions gaming the system are fighting to kill the Consumer Financial Protection Agency. They hate this new agency, whose sole mission would be to protect consumers from dangerous loans and other financial “products” that hide unfair terms behind pages of legal jargon.
The “Wall Street Reform and Consumer Protection Act of 2009” would do an enormous amount to end the most outrageous practices at banks and protect regular folks. But it could fail if our Representatives do not hear from their constituents.
4closureFraud