RSS
Home
Congressman says bankruptcy reform needed
Print
Email
RSS
Subscribe
Returning to Houston late Friday after voting against a $700 billion emergency bailout of the country’s ailing financial institutions, Houston Rep. Gene Green (D-29) told the Examiner he would rather have seen the Congress devote funds to help current and potential victims of foreclosure.
Green, whose district includes Pasadena, Baytown and Humble, said he would have voted in support of legislation which helped address homeowners with high risk mortgages, like many of his own constituents.
Despite support on the House floor, Green said he was disappointed the bailout did not enact changes to federal bankruptcy law, giving the legal system tools to help average Americans.
“For many years, the system has been just wrong,” Green said, by telephone. “For those who own one house, the judge has no authority to change the original loan. If you have two to seven homes, the judge has the authority to change them. Obviously, this is a flawed system because most people only have one home.”
A consultation with a local bankruptcy attorney, Green said, revealed the problem has been "very bad locally for decades."
The congressman said he hopes to follow-up on the issue in the future.
For more info: How Your Representative Voted
Related Articles:
Add a Comment
With the final day of early voting Friday, Harris County officials said the total number of in-person and mail-in ballots collected since Oct. 20 are …
Normal 0 false false false MicrosoftInternetExplorer4 st1\:*{behavior:url(#ieooui) } …
