Amid the nationwide screaming about the AIG bonuses, U.S. Senators have decided to let a good idea simmer on the back burner. As discussed here, the House recently passed a bill that would allow bankruptcy judges to modify terms of loans on primary residences.

It’s a crucial piece of legislation, long overdue.

As reported March 23 at washingtonindependent.com: “Without government help, 2.4 million homeowners will lose their homes to foreclosure this year, according to the Center for Responsible Lending (CRL), an advocacy group.

“Every 13 seconds another family receives notice a lender’s foreclosing on their home. That means  6,600 additional foreclosures start every day at a time foreclosure rates already are four times normal levels. A week ago, the number of families forced into foreclosure since January 1 surpassed 500,000.”

Every 13 seconds… Sure, we’re often reminded that most folks have been able to keep their payments current (at what levels of sacrifice, though, no one seems to be investigating), and maybe many homeowners who got into trouble were trying to flip houses, or maybe they refinanced and went on a cruise.

Still… every 13 seconds. Read the rest of this entry »