“Cram-Down” Power For Bankruptcy Judges Likely To Die In Senate
April 30, 2009
A Wall Street Journal story by Elizabeth Williamson said that President Barack Obama’s plan to give bankruptcy judges the power to modify mortgages is headed for a defeat in the U.S. Senate.
The measure, once an amendment offered by Senator Dick Durbin of Illinois as part of a sweeping housing bill to be considered today, is expected to be voted on separately and will lack the 60 votes to necessary to pass a procedural vote, according to Williamson’s article.
Seen by the President and many Democrats as an important releif for homeowners, bankruptcy protection will still provide judges with the power to modify the terms on other debt.
Chapter 13 bankruptcy protections will still offer homeowners with a way to stop foreclosure, but will require more intense negotiations to modify the terms of the mortgage.
**Updated. The measure faile in the Senate with only 45 votes for and 51 against.
With Big Bankruptcies On Horizon, Huge One Still Making News
April 29, 2009
What is left of the defunct accounty firm Arthur Andersen L.L.P. has agreed to pay Enron Corp. creditors $16 million to settle a claim that the firm was negligent in its advising and auditing of the energy firm, whose bankruptcy was once described as the largest corporate bankruptcy in U.S. history and still ranks fourth overall.
The settlement, which includes a continued denial of negligence, must be approved by the New York bankruptcy judge overseeing the Arthur Andersen bankruptcy. Four former partners of the accounting firm are handling all the pending litigation against the defunct company.
Thinking of the huge bankruptcy of Enron, due to fraud and accounting irregularities, makes me wonder how a bankruptcy at Chrysler or GM will look.
Chrysler is still negotiating with its creditors to stave off a bankruptcy filing that could happen as soon as tomorrow.
***The AP is reporting that negotiations with Chrysler’s creditors have broken off and that the company will file Chapter 11 bankrupcty today (April, 30).
Officials at GM have said that if agreements cannot be reached with its bond holders, that it may have to file bankruptcy at the end of May.
Foreclosure Prevention Workshop In Arlington
April 23, 2009
A free workshop on foreclosure prevention will be held in Arlington Saturday. It will begin at 9 a.m. at the Junior League of Arlington’s Center for Community Service off Pioneer Parkway and Park Springs Boulevard.
There will be a presentation on foreclosure prevention along with a question and answer session. Participants will also have a chance to meet with mortgage service providers and housing counselors.
The workshop is being held by the Tarrant County Housing Partership in cooperation with the HOPE Partnership. Walk-ins are welcome, but if you plan to attend organizers ask that you register by calling 817-924-5091 or email info@tchp.net.
Foreclosure Filings Spike In Dallas/Fort Worth
April 17, 2009
Foreclosure filings rose to a record high in the Dallas/Fort Worth Metroplex as moratoriums imposed by lenders are ending.
A report in the Dallas Morning News states that over 5,500 homes face sale on courthouse steps across the area in May.
Experts tie the spike in foreclosures to the end of moratoriums at banks following the release of President Obama’s housing recovery plans.
The Treasury Department announced yesterday that 6 mortgage lenders would receive up to $10 billion to help troubled homeowners.
That help may come too late for some in the area. According to Foreclosure Listing Service of Addison, there have been 24,000 homes foreclosed on in Dallas, Tarrant, Denton and Collin counties since January. That number is up 11 percent over the same period in 2008.
Parks And Hulen Malls Owner Files For Bankruptcy
April 16, 2009
General Growth Properties, owner of The Parks Mall in Arlington and Hulen Mall in Fort Worth, filed for Chapter 11 bankruptcy protection this morning.
The Chicago-based company, which is the second largest mall operator in the United States behind only Simon Properties, filed its petition in Manhattan bankruptcy court.
Thomas H. Nolan Jr., the company’s president, said in a statement that the bankruptcy filing includes all of the malls that it owns across the country, and that they will continue to operate normally.
“Our operational model is sound,” Nolan said. He went on to cite “the unprecedented disruption in the real estate financing markets and the need to extend maturing debt” as the reason for the bankruptcy filing.
“Tea Party” Protests Take Aim At Obama’s Stimulus
April 13, 2009
Conservatives across the country will use Wednesday, April 15, to protest the unprecedented spending increases that have been used by both George W. Bush and President Barack Obama .
Activists are using the protest to highligh the governments growing debt levels that will be used to bailout banks and push some of the President’s domestic initiatives, such as healthcare reform.
“It doesn’t take a Ph.D. in economics to know we’ve been living beyond our means,” said U.S. Rep. Ron Paul, R-Surfside TX, who plans to attend a rally in Seabrook. “Most people are looking around and thinking who are they going to blame the most. I think there’s plenty of blame to go around.”
Concern about the increases in government spending are not limited to Republicans. An article in the Fort Worth Star-Telegram quotes the Tarrant County Democratic Party Chairman Steve Maxwell.
“I think it concerns the most liberal Democrat,” Maxwell said. “Our position is there is a good reason. We are in an extraordinary situation that requires extraordinary actions.”
No matter where your political affiliations lie, if you want to join the protests locally in the Dallas/Fort Worth area, here is a list of “Tea Party” protest locations.
Arlington
4:30-7:30 p.m.
River Legacy Park, 701 NW Green Oaks Blvd.
arlingtonteaparty.blogspot.com
Burleson
3-7 p.m.
Burleson Commons, 1501 SW Wilshire Blvd.
www.burlesonteaparty.blogspot.com
Dallas
6-9 p.m.
Dallas City Hall
Fort Worth
6- 8 p.m.
LaGrave Field, 301 N.E. Sixth St.
Hurst
Time TBA
Hurst City Hall, 1505 Precinct Line Road
Southlake
Noon-1 p.m.
Town Square Pavilion (Rustin Park in Front of Town Hall)
Weatherford
4-7 p.m.
First Monday Trade Grounds, 200 Santa Fe Drive
weatherfordteaparty.blogspot.com