trrenter_IHB
New member
<a href="http://www.cnbc.com/id/28562958">Citi Agrees to Adjust Mortgages in Bankruptcy</a>
1) Only mortgages entered into prior to the date of enactment of the bill would be eligible for the treatment. All loans, and not just subprime, are eligible.
2) Borrowers have to show they made a ?good faith? attempt to work with the lender before considering this bankruptcy provision. Bankruptcy cannot be the first option, and borrowers have to prove it wasn?t.
3) Bankruptcy judges can strip away a lender?s credit or rights if they violated the Truth in Lending Act or other state and federal laws.
So only the idiots that caused the bubble will quailify.
This should stimulate the market.
1) Only mortgages entered into prior to the date of enactment of the bill would be eligible for the treatment. All loans, and not just subprime, are eligible.
2) Borrowers have to show they made a ?good faith? attempt to work with the lender before considering this bankruptcy provision. Bankruptcy cannot be the first option, and borrowers have to prove it wasn?t.
3) Bankruptcy judges can strip away a lender?s credit or rights if they violated the Truth in Lending Act or other state and federal laws.
So only the idiots that caused the bubble will quailify.
This should stimulate the market.