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Massachusetts Attorney heads to D.C. to urge changes in bankruptcy law to stem foreclosures
Consumer Bankruptcy Attorney Asks Congress for Help With Mortgages
WASHINGTON, D.C.///February 11, 2009//// Massachusetts attorney Terrence Parker joined fellow members of The National Association of Consumer Bankruptcy Attorneys (NACBA) from around the country as they met in Washington D.C. on Feb. 9 and 10 for training and discussions with legislators about the “Helping Families Save Their Homes in Bankruptcy Act of 2009” and companion bills that have been introduced in the House of Representatives and Senate. Parker said: “We went to our Nation’s Capitol to promote the one solution to the mortgage foreclosure crisis that we know will work, keep families in their homes, preserve neighborhoods, and costs taxpayers nothing. Everyone admits that proposals that rely on mortgage holders to voluntarily modify loans have failed to stem the tide of foreclosures that grows greater every month. As long as there are more and more foreclosures dumping more homes on the housing market, prices will continue their tailspin, making the financial crisis even worse.”
The law would allow bankruptcy judges to modify mortgages on a homeowner’s principal place of residence, as is currently allowed on vacation homes, boats, commercial real estate, vehicles, and farms. Modifications could include reducing the interest rate and lengthening the repayment time. The modifications would help homeowners avoid foreclosure, provide stability to the housing market, save neighborhoods, and as a result, boost the economy.
Carey Ebert, President of NACBA, noted: “Our members, came from around the country to meet with their elected officials, represent the interests of the families we see every day, for whom bankruptcy could be a way out of crisis. We need court supervised loan modifications that are feasible for the homeowner, but at the same time fair to the banks and investors of the securitized trusts that hold the bundles of residential mortgages.”
The need for mortgage modification legislation could not be more critical: A recent Credit Suisse report said it expected 8.1 million mortgages - or 16 percent - will be in foreclosure by 2012.
Established in 1992, NACBA is the only organization dedicated to serving the interests of consumer bankruptcy attorneys and protecting the rights of consumer debtors in need of bankruptcy relief. The Association’
CONTACT: Barbara Andelman, Executive Director, barbara.andelman@
Editor’s Note: A digital photograph file of Terrence L. Parker is available upon request.
Page Updated Last on: Feb 11, 2009