Rep Conyers: Bankruptcy Laws To Stop Foreclosures
Posted by adminSep 29
Rep. John Conyers, Jr. (D-MI) chair of the House Committee on the Judiciary and Congressman from Detroit, recently sponsored legislation to change the bankruptcy laws and help stop foreclosure. H.R…
very informative. look forward to come back to see more videos.
Yeah, I agree that there is some fairly generic information here that isn’t of much value for those actually struggling with having their homes foreclosed.I just created a practical video on how to save your home in 3 steps. Hope it helps
I thought this old man was going to fall asleep. In fact I wish he would have. He’s boring. People wonder whats wrong with our govt. Conyers is the perfect example.To solve this problem you need to go after the “Ken Lewis’s of Bank of America and put them in jail so that these people can’t ever again do the crimes they have committed.
ahhhh duh?And what do the banks make on a foreclosure? About 50 cents on the dollar in a GOOD market… If youve ever reviewed an amortization schedule, you know the banks make 250-300% of the principal on the loan… so why not let the banks make that, and the family keep their home… win win.Time to take off partisan blinders and get patriotic in my opinion.
The main problem why these solutions to our crisis aren’t being inacted is because Republicans in Congress doesn’t want to spend money to save the country, they just want to preserve what they got and maintain what they got, same with Wall Street CEOs. In the meantime, the people are suffering and NEED this.
This is mindless drivel supported by Conyers, Obama, and Pelosi. In the “cram down”, the bank gets really hurt in that the mortgage debt is now reduced down to current market value from the original mortgage amount The result is massive losses to banks which apparently are already on the ropes. For example, if a $100K mortgage is reduced to $40K, the bank takes the $60K loss. The loss doesnt just disappear. The gain for the homeowner is the loss of the bank. This proposal is empty headed.