Skip to main content

View Diary: Spiegel:"Wall Street's Central Values: Avarice and Greed." The next bailout, Wall Str. vs Main Str. (105 comments)

Comment Preferences

  •  Senator Dick Durbin (D-IL) proposed... (4+ / 0-)
    Recommended by:
    corvo, Sunspots, Words In Action, IreGyre

    ....a provision in Chapter 13 bankruptcy allowing debtors to  cram down mortgages to the value of the house.  (If your house was worth $150,000 and you owed $200,000, the debt would be lowered to $150,000 if you completed a 3-5 year bankruptcy plan).

    (Currently, you can remove a second mortgage if the house is worth less than the first and you complete the Chapter 13 plan.)

    Of course, we have the best Congress money can buy.  The banksters shot that down as quick as they could slap a $35 late fee on a credit card payment that's one day late.

    9-11 changed everything? Well, Katrina changed it back.

    by varro on Wed Dec 12, 2012 at 08:45:00 AM PST

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site