Barney Frank at it Again
by Travis BeMent on September 10, 2009
Yesterday, Representative Barney Frank said at a subcommittee hearing, “The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages, If they do not improve their performance then they improve their chances of that legislation.” He was speaking in regards to foreclosure modification by lenders and how if they don’t improve, it will help him and others get the “bankrupcty cramdown” as law. The cramdown will allow judges and trustees, on a case by case basis, to lower the amount due on a mortgage by a person in bankrupcty. While they are holding a special election for former Senator Kennedy, maybe they can throw an extra one for Frank’s seat!
Tagged as:
Mortgage,
Mortgage News Financial Commentary,
mortgages
Barney Frank at it Again
by Travis BeMent on September 10, 2009
Yesterday, Representative Barney Frank said at a subcommittee hearing, “The best lobbyists we have for getting bankruptcy legislation passed are the servicers who are not doing a very good job of modifying mortgages, If they do not improve their performance then they improve their chances of that legislation.” He was speaking in regards to foreclosure modification by lenders and how if they don’t improve, it will help him and others get the “bankrupcty cramdown” as law. The cramdown will allow judges and trustees, on a case by case basis, to lower the amount due on a mortgage by a person in bankrupcty. While they are holding a special election for former Senator Kennedy, maybe they can throw an extra one for Frank’s seat!
Tagged as: Mortgage, Mortgage News Financial Commentary, mortgages