Why Do So Many People And Organizations Support the “Helping Families Save Their Homes in Bankruptcy Act of 2009”?

What do President Obama, Vice President Biden, NY City Mayor Michael Bloomberg, former Republican Secretary of Housing and Urban Affairs Jack Kemp, Citigroup, the National Association of Home Builders and the AARP all agree on?  They agree that the “Helping Families Save Their Homes in Bankruptcy Act of 2009” should be passed as soon as possible.

This group, along with over 170 other organizations, including the National Conference of Bankruptcy Judges, the National Association of Chapter 13 Trustees, the U.S. Conference of Mayors and 22 state Attorney Generals have put themselves on the list of supporters of this important legislation which will allow judicial modification of home mortgages.

Meaningful mortgage modification has not been offered to many struggling homeowners by the mortgage industry.  For the past 18 months, Congress has allowed the mortgage industry to dictate the terms of the “solution” to the problem.  They have completely failed.   Throwing billions of dollars of taxpayer money at the banks to buy out these “toxic” mortgages will not solve the problems homeowners are facing.  This legislation, however, gives families a real chance at keeping their homes by making their mortgages affordable. 

In a time where the government is committing over a trillion dollars to trying to reverse the economic crisis that began with the mortgage and housing debacle, this piece of legislation will costs taxpayers absolutely nothing.  The Bankruptcy Courts are already in place and can handle the expected increase in bankruptcy filings.

Related posts:

1. The King Amendment to the Helping Families Save Their Homes In Bankruptcy Act 2009
2. Helping Families Save Their Homes in Bankruptcy Act of 2009 – Fox Business Network Coverage
3. Helping Families Save Their Homes in Bankruptcy – Mortgage Loan Modifications For Homeowners in Chapter 13