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Banks Worsen Foreclosure Crisis

By Cathy Moran

Business Week has a great (or sad) story detailing the reactions of the banking industry to the foreclosure crisis, from 2006 to the present.

Banks and their advocates in Washington have delayed, diluted, and obstructed attempts to address the problem.  Industry lobbyists are…working overtime to whittle down legislation…that would give bankruptcy courts the authority to shrink mortgage debt.

The banking industry seems intent on arguing that keeping people in their homes, with modified mortgages, will cause a loss to the bank.  Wake up:  the loss has already occurred.

The only remaining issue is whether we address that loss by foreclosure or loan modification.

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About Cathy Moran

I'm a veteran bankruptcy lawyer and consumer advocate in California's Silicon Valley. I write, teach, and speak in the hopes of expanding understanding of how bankruptcy can make life better in a family's future.

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You’ve arrived at the Bankruptcy Soapbox, a resource of bankruptcy information and consumer law.

Soapbox is a companion site to Bankruptcy in Brief, where I try to be largely explanatory and even handed (Note I said “try”).

Here, I allow myself to tell stories and express strong opinions. We dig deeper into how to consider bankruptcy and navigate a bankruptcy case.

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Bankruptcy specialists for individuals and small businesses in the San Francisco Bay Area

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