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Bankruptcy ‘tweak’ could save 600,000 homes

Tweak – “to make a minor adjustment to: to tweak a computer program.”- according to dictionary.com

What a slippery, slithery media world we live in that the word “tweak”, a harmless, simple word, can be used to describe something so deceptive and groundbreaking as changing the bankruptcy laws. Rep. Brad Miller (NC-13) and Rep. Linda Sanchez (CA-39) have proposed new legislation that will make significant changes to homeowners that are filing for Chapter 13 Bankruptcy Protection. Under current law, when a person files for Chapter 13, judges cannot reduce mortgage debt owed on a persons primary residence, although they may modify mortgages on investment property or second homes.

Under the new law, the bankruptcy judge would have the option of reducing what the homeowner owes the lender. The judge could even reduce the principal amount and the interest rate. Does anyone else see a big problem with this? First of all, this gives way too much power to the judge. Secondly, Our “friends” in Washington are so quick to protect us from ourselves. Listen to what they have to say:

“Responsible lenders who made loans on reasonable terms have nothing to worry about in bankruptcy court, but predatory lenders will end up with the loans they should have made in the first place,” Miller said.

 “As the subprime crisis heats up, it’s high time we write legislation to help America’s working families instead of helping the opportunistic lenders who took advantage of them,” said Sánchez. “I look forward to moving this legislation swiftly through the Subcommittee on Commercial and Administrative Law.”

…I will be blogging further on this topic as I receive more information, but I wanted to get it out there as it is happening now.

 Matt S.

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One Response

  1. […] by creditdusters on October 31st, 2007 As many of you know earlier this month posted on this subject – Here is a quick update from CNN […]

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