MBA Asks for Exemptions to Dodd-Frank Act
The Dodd-Frank financial reform, which passed this summer, requires lenders to retain a five percent stake in loans it packages and sells to investors. The goal of this retention is for lenders to have a stake in the future of these loans, making the lenders accountable for the quality of the loans they packaged and […]
Obama to Veto Notary Bill
According to the latest developments, President Obama will pocket-veto a piece of legislation that critics say would make it easier for banks to process foreclosures and make it more difficult for borrowers to challenge foreclosure documentation. The bill in question, HR 3808, passed the Senate on September 27th by unanimous consent. The House passed the […]
6 Mistakes to Avoid On The Eve Of Bankruptcy
The months and days leading up to a bankruptcy filing can make or break your financial future, and possibly stop you from being able to file for bankruptcy. The following six (6) mistakes must be avoided if you are thinking of filing bankruptcy: Retirement Accounts Borrowing against or cashing in your retirement accounts to try […]
What is the Meeting of Creditors?
Between thirty (30) and forty (40) days after filing your bankruptcy petition, the randomly assigned Chapter 7 Trustee will hold a meeting of creditors. During this meeting, the debtor is placed under oath and the Chapter 7 Trustee along with any creditors that attend may ask questions regarding your bankruptcy petition. You MUST attend this […]