In an article that would only make sense to an economist, Bloomberg reported that fewer people this November have mortgages that exceed the value of their homes – that is, fewer people are “underwater” this year than last. That faint flicker of hope is supposed to mean that overall the housing market is stabilizing.
In related news, I came in 288th in the Chicago Marathon this year – better than I did last year so … I guess that means I’m a winner? Sure, let’s go with that.
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In re Griffin Trading Company, Inc., 98 B 41742
Leroy G. Inskeep, Trustee v. Farrel and Roger Griffin, 01 A 00007
Opinion: In an Adversary case stemming from the Chapter 7 bankruptcy of a futures broker, judgement for Trustee is reversed due to lack of sufficient causation following remand from the District Court.
Opinion Issued October 30, 2009
By the Honorable Bruce W. Black
View and download the opinion in PDF format here
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Housing Up (But Not By Much)
Home sales increased 0.7% to an annualized pace of 429,000 units; assisted in part by first-time buyers taking advantage of tax credits before the November deadline. But that figure was still less than had been anticipated. Federal Reserve policy makers this week pledged to keep borrowing costs low to sustain the recovery past the time when the government stimulus measures wane. Thanks for nothing.
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On March 30 Congress made it official. H.R. 200, the “Helping Families Save Their Homes in Bankruptcy” Act of 2009 was put down once and for all by a narrow margin in the Senate.
Pity. It turns out the Act would have gone a long way towards leveling a very uneven playing field. You can read about some of the (relatively) radical aspects of the bill in this summary from govtrack.us.
Now for the last time, stop fantasizing that the Federal Government is going to save your house and just hire a bankruptcy lawyer already.
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Tagged: Helping Families Save Their Homes in Bankruptcy, HR 200
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