Foreclosures Surge - Who Could Have Predicted?

Published: August 21, 2007, 10:26 am

Tags: u s world economy, politics u s, spineless dems

When Democratic Party senators capitulated to the finance industry in assisting the GOP to pass the draconian bankruptcy bill two years ago (I’ve previously referred to the legislation as the Indentured Servitude Act of 2005), there were many warnings of problems for credit consumers on the horizon. No one listened. The bill passed anyway, and yes, nearly two years later I’m still upset about it. In all of the hand wringing about the sub-prime mortgage market implosion negatively impacting financial markets in general (and homeowners tied to those mortgages, in particular) , not one pundit has mentioned the delayed impact of the bankruptcy bill. There was a time in the recent past (pre-2005) when, after all else failed financially, a homeowner could at least save their home through the Chapter 7 process. It was a win-win, really, even if the mortgage lenders bitched about it a bit. The homeowner was given a bit of breathing room to get their financial house back in

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