Bailout No Help for Kansas Home Borrowers

Legislation that would have allowed for bankruptcy court-supervised loan modifications in some limited circumstances, sometimes called lien stripping, was stripped from the Wall Street bailout bill in Congress this weekend after protests from the mortgage bankers.  The Center for Responsible Lending had predicted that the proposed legislation would have resulted in 3,587 fewer Kansas homes lost in foreclosure and $96 million in home values and tax base saved. [Read more…]

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