Tuesday, February 10, 2009

Mortgage Modification Bill Update

I have written earlier articles denouncing the MBA for standing the way of this ultra neccassery Bill but guess who is in favor of the bill?
Bankruptcy Judges, that's who!
They know a little something about how the law works and I am sure if this proposal was un fair, they would not support it.

Judge Jay Cristol, a federal bankruptcy judge in Miami, said that changing the bankruptcy law would be beneficial because "after foreclosure, families get broken up and lenders hold on to nonperforming assets that they sell at a loss."

Does the MBA(Mortgage Bankers Association) care? No, they still appose the bill and they are joined by the Securities Industry and Financial Markets Association. They claim that they would need to raise interest rates if this bill passes.

Shame on you! Can't you see past your own greed and that people are in real trouble?
That is a Rhetorical Question, obviously you cannot.

Here is a link to the entire article, which was featured in the Wall Street Journal:

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