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Monday, October 12, 2009

Maybe This Time

In our book, The Great Recession Conspiracy (available at, we point out that the fastest way to get out from under the huge number of impending foreclosures is to give Bankruptcy Court Judges jurisdiction over those loans. Single family, owner occupied, home mortgages are the ONLY mortgages they can not rule on.

A bill to make this change recently sailed through the House but was defeated in the Senate 45-51 last spring. Now Dick Durban, the senior senator from Illinois, is attaching such a provision to any bill he can find, and he thinks that this time is will pass.

Let's hope so. Last time, the multi-millon dollar contributions from the Wall Street Banks stopped it cold. See our book for details.

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