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.
-
Pricey insurance, expensive maintenance, and struggles with financing are all weighing down the condo market, with Florida and Texas feeling it the most.
10h ago -
The National Credit Union Administration, operating with just one board member, has liquidated two credit unions that were recently put into conservatorship. The failures are the first credit union failures since Democrats on the board were fired, leaving Republican Chair Kyle Hauptman.
11h ago -
The new integration supports the upcoming Uniform Appraisal Dataset 3.6, which becomes available in September, with mandatory use 14 months later.
11h ago -
The prime jumbo RMBS transaction is collateralized by 402 residential mortgage loans.
11h ago -
The conviction of a fraud ring mastermind highlights growing risks in home equity lines of credit as equity-rich borrowers become prime targets.
July 1 -
The Senate version makes permanent the mortgage interest and mortgage insurance premium reductions, removes the revenge tax but also cuts CFPB funding.
July 1