Senators reach deal on foreclosure legislation
May 20, 2008
Key senators announced Monday [May 19] a bipartisan agreement on the broad elements of a plan to avoid foreclosures and speed the refinancing of mortgages for roughly 500,000 troubled homeowners without taxpayers footing the bill.
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With President Bush promising to veto a House of Representatives bill addressing the foreclosure crisis, the Senate is stepping in with their own legislation. Both the House and the Senate propose ways to stem the housing market collapse; however, the Senate has program funding coming from Fannie Mae and the Federal Housing Administration rather than taxpayers. The program allows for voluntary refinancing of qualifying mortgages to help stem the foreclosure crisis.
Bush’s Bankruptcy Legacy: Three Years And Nearly 1.5 Million Bankruptcy Filings Later
May 13, 2008
On the eve of the three-year anniversary of president Bush’s controversial bankruptcy bill becoming law, data show that in the last two years nearly 1.5 million individuals filed for personal bankruptcy. The new data further questions the merits of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
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With consumerbankruptcies continuing to rise due to credit card debt and rising foreclosures, it’s important to know you aren’t alone. Financial disasters can happen to anyone for any reason. If you are considering filing for bankruptcy, discuss your case with an experienced bankruptcy attorney today to see what options are available to you.
City of Vallejo, California Declares Bankruptcy: Will More Cities Follow?
May 8, 2008
Rarely do cities of a decent size declare bankruptcy, but that is exactly what the city of Vallejo, California, home to more than 100,000 people is doing. Hurt by falling property tax revenues, a stagnant economy and the failure to renegotiate key deals with unions, the city of Vallejo was left with little choice. The questions now are: How will this bankruptcy affect residents and business owners in the city? And is this city’s bankruptcy just a glimpse of what is to come?
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With so many individuals also facing financial disaster because of the housing bust, it’s not difficult to see how a city may also fall victim. Financial disasters can, indeed, happen to anyone at any time, and for any reason. If you find yourself in the same situation as Vallejo, CA, please, contact a bankruptcy attorney today to discuss your options. It may not be too late to save your home.
