Rep Conyers: Bankruptcy laws to stop foreclosures

Posted on February 26, 2009
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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. 200, the “Helping Families Save Their Homes in Bankruptcy Act of 2009,” includes several ideas similar to President Obama’s stimulus plan.
Have you been affected by the foreclosure crisis? We want to tell you story. Visit FightingForOurHomes.com. Produced by Brave New Foundation.

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Comments

2 Responses to “Rep Conyers: Bankruptcy laws to stop foreclosures”

  1. outinsider on February 26th, 2009 2:46 pm

    The main problem …
    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.

  2. medliberty on February 26th, 2009 2:46 pm

    This is mindless …
    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.

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