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July 19, 2008
Paper says 2005 bankruptcy law making mortgage crisis worse
From Professor Elizabeth Warren over at the Credit Slips blog (excerpt): A new academic paper, Bankruptcy Reform and Foreclosure, argues that the 2005 bankruptcy amendments are deepening the mortgage crisis. The article was written by David Bernstein, an economist at the U.S. Treasury who chose to post this analysis as private citizen listing only his home address and home e-mail address. Drawing on data from the Survey of Consumer Finance, he links credit card debt, access to bankruptcy, and mortgage foreclosures. Well, I guess if the credit card bankers "won" in 2005, and they did, against the views of every civil rights, consumer and labor organization, joined by independent economists and professors and the bankruptcy judges themselves, then Bernstein's paper is one more piece of evidence that consumers, homeowners, all banks and the economy all lost.
Posted by Ed Mierzwinski at July 19, 2008 03:58 PM
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