Bankruptcy

Today's News...

By Bill McLeod, Esq.

From FoxBusiness: a look at the legislation Congress is mulling over to give bankruptcy judges more authority to modify residential mortgages.

Have you ever heard those radio commercials touting "debt elimination?" It usually has an announcer proclaiming that "my plan does not reduce your debt, it eliminates it!" One commercial in particular on a local station also has a speaker who says "using this system, I will be able to pay my 30 year mortgage in just three years making only the money I am making now." That sure does sound too good to be true. Well, it was a bad week for two scam artists from California who ran such an out. The Mercury News reports that on Tuesday they were sentenced to more than 25 years in prison for mail fraud.

Actually, this bit is yesterday's news, but it's worth mentioning: The New York Times reports that the mortgage crisis is not only affected lower and middle income borrowers. According to the report "affluent consumers with annual incomes of $100,000 or more ... are increasingly being ensnared in the home mortgage crisis."

And finally, here's something we might want to think about this weekend: is the US Dollar on its last leg?

Full post as published by McLeod Law Offices on March 21, 2008 (boomark / email).