Bankruptcy Lawyers Cheer Mortgage Modification
Bankruptcy lawyers who represent consumers like what they saw today in President Barack Obama's housing plan.
Their trade group, the National Association of Consumer Bankruptcy Attorneys, released a statement praising Obama's efforts to reduce the number of foreclosures, in particular his endorsement of legislation that would allow homeowners to request changes in their mortgages through federal bankruptcy proceedings.
"We agree with consumer advocates and others who say that Congress and the Administration should move with the same sense of urgency on curtailing this threat as they did with the economic recovery bill just signed into law," the statement says in part.
Allowing bankruptcy judges to modify the terms of mortgages, the statement continues, is "a solution that, unlike every other solution being considered in Washington, comes at absolutely no cost to U.S. taxpayers. This is one solution we know will work. The infrastructure already is in place. It is something the bankruptcy courts do every day with other assets."
The association says it has more than 3,500 members, at least some of whom could see additional work if Congress were to grant bankruptcy judges more authority. Sen. Dick Durbin (D-Ill.) and Rep. John Conyers (D-Mich.) have sponsored legislation to do so. The financial services industry is opposing the idea.
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