The bankruptcy laws lead banks to be too confident in the mortgage and loan or a credit crisis?
Washington Mutual Inc. got what he wanted in 2005: A bankruptcy code revised that no longer allows people to walk from accounts credit card. The largest economies of the United States and the loan has no housing recession. The bankruptcy laws are helping drive input to a file default mortgages and homeowners who are struggling to pay the debts of credit card that could be eliminated under the old code, said Jay Westbrook, a professor of Business Law University of Texas at Austin School of Law and former adviser to the International Monetary Fund and Bank World. http://www.boston.com/business/personalfinance/articles/2007/11/11/shift_in_bankruptcy_laws_staggers_mortgage_holders/
In fact, I think that in May be partly because the bankruptcy laws to stop people leaving those loans. However, there are causes corollary of a single effect. When the government demanded that banks make mortgages (ARM variable rate) accessible to all, at bottom, with a pulse and I could still breathe to avoid incidents of discrimination, it opened the door to abuses that later came running. Now the same government that took the direct cause of the problem is reach? In my humble opinion, only lead to further difficulties. However, although sometimes there are extenuating circumstances, education of people who have responsibilities and their rights have just managed to prevent many of these difficulties. If people spend money on their credit or financial agreements signed without knowing what they are signing and how much it will cost is a bit difficult for me personally too nice. This does not mean that there were also some unscrupulous lenders have also taken advantage of the situation though. Unfortunately, it is doubtful that they ever enter in this research with the real hope of solving anything, but how to give the government more power. IMHO
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