Loan Modification Can Stop the Foreclosure Crisis
Loan Modification Can Stop the Foreclosure Crisis
Wall Street Journal
January 30, 2009
This week the House Judiciary Committee approved legislation aimed at helping Americans keep their homes through bankruptcy. I introduced the Helping Families Save Their Homes In Bankruptcy Act of 2009 to give courts the power to modify mortgages to bring them in line with underlying home values. For families in distress, this is a much-needed reform. And considering the realistic alternatives, it is fair to all concerned.
Freddie, Fannie Extend Eviction Freeze Until March
January 30, 2009
Freddie Mac and Fannie Mae, the mortgage-finance companies under federal control, are extending by one month a freeze on evictions for homeowners in foreclosure as delinquencies soar in a slumping economy.
U.S. Eyes Two-Part Bailout for Banks
Wall Street Journal
January 30, 2009
The nation's top economic officials are discussing a new way to stabilize the financial system by buying a portion of banks' bad assets and offering guarantees against future losses on some of the remainder, in an effort to help banks while trying to mitigate the cost to taxpayers.
Fitch Wary Of ‘Cram Down’ Legislation
DS News
January 29, 2009
Proposed legislation that would allow bankruptcy judges to modify primary residence mortgages would create a level of uncertainty of U.S. residential mortgage-backed securities (RMBS), according to a recent report by Fitch Ratings.