washington bankruptcy records

Do the new bankruptcy laws, banks lobbied for strongly contributed to the credit / mortgage crisis?

Washington Mutual Inc. got what they wanted in 2005: a revised Bankruptcy Code, which no longer lets people walk away from credit card bills. The largest U.S. savings and loan did not expect recession with a housing. The new bankruptcy law helping drive foreclosures to a record as homeowners default on mortgages and credit card battle for the debts, the pay may have been wiped out under the old code, Jay Westbrook, a professor of business law said at the University of Texas Law School in Austin and a former adviser of the International Monetary Fund and the WB. http://www.boston.com/business/personalfinance/articles/2007/11/11/shift_in_bankruptcy_laws_staggers_mortgage_holders/

Absolutely. The banks and credit card companies wrote the new bankruptcy law, so long that they were lobbying. Now it is to help them and to undermine the overall economy. Harvard Law Professor Elizabeth Warren warned years ago, but listen to those greedy neocons is not easy.

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