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Bailout monitor welcomes mortgage bankruptcy plan
[March 06, 2009] WASHINGTON (AP) -- The head of a panel overseeing bailout money is giving high marks to legislation that would let debt-strapped homeowners seek reduced mortgage payments by filing for bankruptcy.
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Elizabeth Warren heads the Congressional Oversight Panel, created by lawmakers to watch over the Obama administration's use of $700 billion in taxpayers' money to rescue financial institutions and free up credit. Interviewed on ABC's "Good Morning America" Friday, she was asked about the bill the House passed Thursday to help struggling homeowners. Warren says the plan is a good idea because it's the "only stick homeowners can use to get someone to answer the phone." But she says it won't necessarily work for every family. |
