Month: May 2010

US bankruptcies resume upward path in 1st quarter

* Consumer filings up 18 pct, business filings up 2 pct * Nevada has most filings per capita, Arizona filings soar By Jonathan Stempel NEW YORK, May 14 (Reuters) – U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing …

US bankruptcies resume upward path in 1st quarter Read More »

Did Changing Bankruptcy Laws Cause the Mortgage Mess?

By Mark Lieberman, Senior Economist Source: FOXBusiness During the debate over changes in personal bankruptcy laws, bankers were tripping over themselves to get Congress to agree to changes to make filing personal bankruptcy more difficult. The changes, they argued, would make borrowers more responsible – and by the way reduce bank losses as debts could …

Did Changing Bankruptcy Laws Cause the Mortgage Mess? Read More »

Queens homeowners sue Chase to gain relief from foreclosure

By Anna Gustafson Three Queens homeowners filed a lawsuit against JP Morgan Chase Bank Tuesday for allegedly illegally delaying and denying their applications for foreclosure relief. The Jamaica, Queens Village and Fresh Meadows residents and attorneys from the Urban Justice Center filed the suit in federal court in Brooklyn that alleges the bank refused to …

Queens homeowners sue Chase to gain relief from foreclosure Read More »

Congress may extend bankruptcy relief to private student loans

Source: http://www.creditandcollectionnews.com/viewer.php?url=http%3A%2F%2Fwww.lohud.com%2Farticle%2F20100506%2FNEWS01%2F5060372%2F1018%2FNEWS02%2FCongress-may-extend-bankruptcy-relief-to-private-student-loans College graduates overwhelmed by private student loans could see bankruptcy relief if proposed legislation makes its way through Capitol Hill. Supporters of the Private Student Loan Bankruptcy Fairness Act of 2010 argue that private borrowers lack important consumer protections that come with federal loans — such as deferment plans and income-based repayment options. …

Congress may extend bankruptcy relief to private student loans Read More »