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Join Date: Apr 2003
A New Set Of Catch-22s _H.R. 200
The Helping Families Save their Homes in Bankruptcy Act of 2009, authored by Rep. John Conyers, Dem. MI, should produce an interesting new bag of difficulties for the financial system.
Just a few days prior to this bill's passage I was saying to a friend who advocated having judges modify mortage terms in bankruptcy- "Hey, isn't that what foreclosure is supposed to do?" And also saying how could you negotiate this with counterparties. The latter problem has been solved it seems- "The holders of the mortgage must be notified at least 15 days prior to the action." Now that is a good one that apparently the good Rep Conyers didn't think through too thoroughly.
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