Foreclosures linked to 2005 Bankruptcy Reform law

For those readers not familiar with the Bankruptcy Abuse Prevention and Consumer Protection Act ("BAPCA"), prior to October of 2005, unsecured debt ( ... of their credit card debt, and that would free up income to pay the mortgage. The new law blocks that escape route and forces better-off household to continue paying credit card debt, which makes [more...]

Date: 2009-01-13 16:03:13

Blog posts (7) | Videos (2)
 

Mortgage bankruptcy reform may speed losses

A change in bankruptcy laws to allow judges to reduce the mortgages of consumers would probably boost filings, accelerating lenders’ losses on home-equity, automobile and credit-card loans, according to Keefe ... harmed may benefit in some ways, the Keefe, Bruyette analysts wrote. Credit-card companies [more...]

Date: 2009-01-13 08:30:01

Nader: Obama might not protect consumers

Not since the 1960s, when seat belts became standard equipment in cars, has the atmosphere been so favorable for consumer-friendly reform ... have just elected a president who has promised to reform the credit card industry, bankruptcy law, and toy ... has received more campaign donations for his Senate campaigns from credit card issuers than any other [more...]

Date: 2008-11-07 10:00:00

2005 Bankruptcy Law Finance Industry Sought has Strangled Economy

Was the banking industry screwed over by its own bankruptcy law? It sure appears to have hurt the economy.. ... that escape route and forces better-off households to continue paying credit card debt, which makes ... .“Before the reform, overindebted households might file bankruptcy and get rid of their credit card [more...]

Date: 2009-01-14 04:35:33

Sky’s Sunday Supplement: Fear for 2009, turmoil at City & Carlos Tevez’s future

This week highlights began with a rant from Patrick Barclay (Daily Telegraph) over his fears for 2009. Included in his concerns were that English teams will dominate Europe to such an extent that it even bores them, that the bankruptcy laws in football need reform, and that football ensures [more...]

Date: 2009-01-04 14:52:56

New York Fed Paper: Seismic Effects of the Bankruptcy Reform

Donald P. Morgan, Benjamin Iverson and Matthew Botsch of the staff of the Federal Reserve Bank of New York have published a paper titled " ... ' credit losses would be even higher at the moment if the old bankruptcy law was still in place. See also ... from credit card and auto lenders to mortgage lenders. The means test under BAR gives credit card [more...]

Date: 2009-01-12 19:22:41

Credit Card law questionable

There’s no shortage of blame for the mortgage crisis that drove the economy into the ditch ... Act of 2005, households could erase their unsecured debts by filing for Chapter 7 liquidation ... the reform, overindebted households might file bankruptcy and get rid of their credit card debt [more...]

Date: 2009-01-13 10:09:00

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