Personal Bankruptcy soars to 5 yr high ~ Nevada continues to be hardest hit – feel the ‘Hope’ yet?

The American people are eagerly awaiting their chance to vote against this destructive, divisive agenda coming out of D.C. November cannot come soon enough. Hold On, voters are comin’, we will pull each other out of this morass the Obama Democrats have created. Please make sure EVERYONE you know is coming out to vote.

ZeroHedge:

The Administrative Office of the U.S. Courts reports that personal bankruptcy filings for the year ended June 30, 2010 surged to a five year high, hitting 1.57 million, a 20% increase from the prior year. Furthermore, in the period between April and June, there were 422,061 bankruptcy filings, a 9% increase from the 388,148 in the previous quarter, and up 11% from 381,073 a year earlier. As Reuters highlights, quarterly filings surpassed 400,000 for the first time since a record 667,431 bankruptcies were begun in the fourth quarter of 2005, when Congress overhauled federal bankruptcy laws and made it harder for people and businesses to file…

Nevada continues to be hardest hit in foreclosures and bankruptcies as well as unemployment, Harry Reid is killing his state on a Trifecta of issues with his ass backward economic ‘policies’,,,

If you are in Nevada, please take a look at Sharron Angle for Senate. I had initially backed Sue Lowden and donated to her campaign, but Sharron was the people’s choice and now any dillys I have for NV are going to Sharron who GETS IT. We need people who GET US, and GET AMERICA. Who GET free markets and fiscal responsibility. Please vote for Sharron Angle to turn NV around!

...Indicatively, Nevada had the highest rate of filings on a per capita basis in the last year, with 11.74 per 1,000 people)….

Obama is on my TV, again, this time BAMBOOZLING folks in Ohio and whining about how companies have plenty of money to hire and fully fund pensions. Good grief, the pension bailout is coming….Hold On America, we voters are comin’!!

August 18, 2010. Tags: , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Obama Administration, Politics, Popular Culture, Taxes, Unemployment Statistics. Comments off.

Update 2: Centrist Dems argue over bill changes as Durbin tries to limit cramdowns to ‘exotic subprime loans” only at banks request…..Housing: House Bankruptcy Cramdowns/judicial modification bill

UPDATE: AP and El Rushbo just reported Moderate Dems having closed door dispute with Speaker and Bill Sponsors over how this cramdown legislation will affect currently struggling homeowners..if this doesnt help anyone but  EXOTIC Subprime loans, then it is a STUPID people rescue or the Irresponsibility Act of 2009 and really if you listen to things Robert Reich said about making sure the stimulus jobs dont go to white engineers, then you start to question what social engineering they are doing here…

CALL YOUR CRITTERS FOLKS

A dispute among House Democrats stalled legislation Thursday to let bankruptcy judges reduce the principal and interest rate on mortgages for debt-strapped homeowners.

It hit a snag after a group of moderates expressed concerns in a closed-door meeting of House Democrats about how the bill would affect homeowners who are still struggling to make their mortgage payments.

The banking industry has lobbied hard against the measure, mounting a successful multimillion-dollar effort last year to kill it.

This year, mortgage industry players who are scrambling to narrow the scope of the measure to reduce its potential cost for banks have won some key concessions. House Democrats agreed to limit the measure to existing loans made before the bill is enacted and to borrowers who can show they tried other ways of modifying their home loans before resorting to bankruptcy, among other changes.

But banks want to go much further, restricting the bill only to subprime or other exotic loans.

Centrist House Democrats who have been working closely with the financial services industry to scale back the bill balked at supporting it on Thursday after a news report suggested that Sen. Dick Durbin, D-Ill., the lead sponsor of the bankruptcy measure in the Senate, was willing to limit it only to subprime mortgages. The Senate is expected to take up the legislation within two weeks.

In the House, Rep. Ellen Tauscher, D-Calif., the head of the business-minded New Democrat Coalition, raised concerns during the private session that the measure omitted help for homeowners who aren’t staring at bankruptcy but are buckling under burdensome mortgage payments.

House leaders said they had postponed a vote until Tuesday to give Democrats time to meet with Obama’s housing secretary, Shaun Donovan, about how the measure fits with his housing plan.

“There’s an equity question here,” said Rep. Ed Perlmutter, D-Colo., another member of the coalition. “The discussion has got to be, what’s the benefit to the guy next door who is struggling to pay the bills, is paying the bills and isn’t filing for bankruptcy?”

More clips from the Speaker

LIVE ON CSPAN

Expected to vote on this today

Here is what the Critters have been up to this morning:

Continues after the break

(more…)

February 26, 2009. Tags: , , , , , , , , , , , , , , , , , . Economy, Finance, Foreclosures, Housing, Music, Obama Administration, Politics, Uncategorized. 4 comments.

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