GOP's Bankrupcy law is makign this recession worse.

News Type: Opinion — Seeded on Wed Nov 19, 2008 12:57 PM EST

Article Source: Business Week

ut today's growing problem in the housing market is different—foreclosures are soaring, while bankruptcies, though clearly on the upswing, are running roughly at half the 2001-2003 pace. The reason: A new bankruptcy law, approved by Congress in 2005 after years of debate, makes it much harder for households to get out from under their consumer debt. The result: More people being forced to walk away from their homes, leaving lenders holding the bag. Perversely, a law intended to help the financial industry may be damaging the housing sector, creditors and borrowers alike.

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{"commentId":4125447,"authorDomain":"JoulesBeef"}

JoulesBeef

see had we had the bankruptcy laws of pre 109th congress.. many of these homeowners would still be paying off their homes and not foreclosed.. instead..t hey are having to walk away from their homes, leaving us all with the consequences..and a bunch of failing banks and credit companies.

Do you think the 109th could have done more damage if they tried?
they also passed bush's no down payment inaitive.
Peopel complain about Clinton helping the poor get loans they shouldnt get.
But clinton requied the poor come up with 9,000 dollars on a 150k house.
Bush said why make them raise 9k

so when you see the guy bumming change from you on the street, realize under clinton he would not be able to get a home but under bush he could.

{"commentId":4125447,"threadId":"423329","contentId":"2128602","authorDomain":"JoulesBeef"}

1 vote

#1 - Wed Nov 19, 2008 1:01 PM EST

{"commentId":4127429,"authorDomain":"jdl-28"}

jdl-28

Bush was the one who push for the change to help big business and could of care less about the American citizens and congress when along for the money receive under the table from special interest group.

{"commentId":4127429,"threadId":"423329","contentId":"2128602","authorDomain":"jdl-28"}

1 vote

#2 - Wed Nov 19, 2008 2:56 PM EST

{"commentId":4132200,"authorDomain":"terry57"}

Agent 57

The banks, credit card companies and lenders wrote this terribly biased law, so they are reaping what they sowed, unfortunalely at the cost of the private housing sector and alot of folks they don't care about.

{"commentId":4132200,"threadId":"423329","contentId":"2128602","authorDomain":"terry57"}

#3 - Wed Nov 19, 2008 8:35 PM EST

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More Americans slipping into bankruptcy - International Herald Tribune	International Herald Tribune	Wed Nov 19	0
Talk of GM bankruptcy filing fuels debate	Associated Press	Wed Nov 19	176
Bailout with a price: Chapter 11 bankruptcy	Associated Press	Wed Nov 19	6

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GOP's Bankrupcy law is makign this recession worse.

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