President Bush has signed the bankruptcy bill, which will make it harder for consumers with median incomes to use the bankruptcy courts to avoid repaying at least a portion of their debts.The president said the bill (S. 256) will stop abuses of the bankruptcy system that have allowed too many people to walk away from their debts. "By making the system fairer for creditors and debtors, we will ensure that more Americans can get affordable credit," the president said at a bill-signing ceremony. The signing of the bill culminates an eight-year effort to reform the bankruptcy code, according to the American Financial Services Association. "The new law will bring sweeping changes to an overburdened, antiquated system while encouraging accountability and responsibility," AFSA president and chief executive Randy Lively said. Personal bankruptcy filings totaled nearly 1.6 million in 2004.
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Underserved markets advocates also want to keep the 30-year mortgage and do more to expand rural and manufactured housing while preserving low cost homes.
10m ago -
As fulfillment spills into sales operations and artificial intelligence takes over more originator duties, executives emphasize maintaining a human in the loop.
1h ago -
New research from National Mortgage News finds that nonbank mortgage firms are leading the pack of tech adopters, outpacing many financial institutions.
6h ago -
Market watchers expect the Federal Open Market Committee to announce a 25 basis point rate cut today, but are also watching for signals of more cuts to come and how many members push for a larger 50 basis point cut.
6h ago -
Consumers are 19% more likely to pay their auto loans than their mortgages, which is a shift in attitude from the pandemic period, FICO said.
September 16 -
The transaction combines independent mortgage companies which are based in Strongsville, Ohio (East Coast) and Folsom, California (West Coast).
September 16