… it must be considered an utter disaster and significant failure.

Legislation introduced by Senator Dodd will give homeowners the option to convert their Adjustable Rate Mortgage into a traditional mortgage with a repayment period of up to 40 years at a prime rate; a waiver of credit counseling for debtors in foreclosure; and a waiver of fees or charges on a mortgage loan or secured loan. This is legislation that will give our economy the real lifeline it needs, not just help a few …

Tags: Bailout Legislation Senator Dodd

Senator Christopher Dodd and other members of the Senate Banking Committee are proposing legislation that would create a special bankruptcy process for failed financial institutions.

Members are discussing a two-stage process that would create a preferential option for bankruptcy followed by a regulator-managed resolution if bankruptcy fails, the person said. The source requested anonymity …

Tags: Bankruptcy Chris Dodd Failed Financial Institutions fdic

… cards, but lawmakers are now shifting their sights to debit cards. Last week, Sen. Christopher Dodd, D-Conn., said he plans to introduce legislation that would require customers to sign up for overdraft protection.”

In response to the proposed legislation which would mimic rules designed for the credit card legislation, some banks quickly moved to reform their over-draft policies for debit cards and bank accounts.  For example, Bank of America customers will not be charged overdraft …

Tags: Bank of America Christopher Dodd Credit card Debit card Overdraft

All of us have heard about the passing of Senator Ted Kennedy; but what many of us don’t realize is that this senator was a champion for bankruptcy rights for the little guy and supported provisions in the bankruptcy code that would prevent abuses by big corporations who filed Chapter 11 bankruptcy.

If you get an opportunity please visit the CSPAN archives and read what Senator Ted Kennedy said about that bankruptcy changes in …

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… filings by young people, Senator Patty Murray, D-Wash. is proposing legislation that would provide $1.2 billion in grants over five years to institutions who promote financial literacy education beginning in grade school and throughout adulthood

The article said:

Murray’s bill, co-sponsored by Sen. Thad Cochran, R-Miss., would provide grants to state education agencies that agreed to establish financial literacy …

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… and come out of it a stronger, better, leaner, more competitive automotive industry,”

Is Senator McCain right? Is a GM bankruptcy the best thing for them and most importantly would it benefit the thousands of Americans who depend on the automaker for their livelihood? A GM bankruptcy could possibly disrupt the already weak economy with massive amounts of job losses. And where would those workers who lost their jobs go? Many of the blue-collar workers working for GM enjoy …

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Senator Dick Durbin, D-Ill. is pressing for a mortgage modification proposal that would allow bankruptcy judges to modify Chapter 13 bankruptcy debtors’ mortgages on their primary residences. Senator Durbin does not believe that voluntary efforts will stem the foreclosure crisis we are currently facing and hopes to take more proactive measures at stemming the crisis.

“With the …

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According to an article in the Star-Telegram, Senator Christopher Dodd, introduced legislation that would require banks to inform their customers when they overdraw their accounts via e-mail, text message, or postal mail and warn them if an ATM or teller transaction will put them into the red. In addition, the legislation would limit the number of overdraft fees to one a month, six times a year. But many banks are trying to jump ahead of the …

… the interests of taxpayers and failed to stop the foreclosure crisis. Legislation introduced by Senator Dodd to allow mortgage modifications in bankruptcy would have gone a long way in slowing down this foreclosure crisis.

(source: http://www.star-telegram.com/business/story/1588991.html)

According to an article in the Dallas Morning News, Senator Christopher Dodd has introduced a bill that would severely restrict credit card company changes of terms

The article said: Dodd’s proposal, approved by the panel 12-11 on Tuesday, would bar so-called double-cycle billing, when a card issuer computes interest charges on outstanding balances from more than one billing cycle. It also would ban “universal default,” the practice of …

… foreclosures are at record levels. To pass this bailout without including the proposals made by Senator Dodd would not only be unreasonable and irresponsible… but also unpatriotic and un-American.”

Allmand, who is Board Certified in Consumer Bankruptcy comments, “Isn’t this what our great Country is built on? We all work together, we all stick together and lend a helping hand to one another in time of need.”

Among Senator Dodd’s recommendations are the ability for homeowners …

… rates.  But now that bankers have failed to stem the rise in foreclosures, legislators such as Senator Durban are looking to put the measure (along with a few tweaks) back on the table for another vote.

Senator Durban said that if the foreclosure crisis does not begin to improve by this fall, he will present a revised version of the bankruptcy modification bill. Those changes would include giving homeowners additional time to remain in their homes while paying only the fair-market value …