Jun
03
Supreme Court Ruling Little Help to Struggling Homeowners
By
Bank of America argued that second mortgages should not be voided in bankruptcy. CreditPaul Sakuma/Associated Press
Justice Clarence Thomas and his Supreme Court colleagues decided on Monday that the bankruptcy code would continue to be of little help to underwater homeowners, though he suggested that he perhaps wished it could be otherwise.
In the meantime, big financial institutions can breathe a bit of a sigh of relief, knowing that the court has not forced a day of reckoning on billions of dollars of underwater second mortgages that debtors would like to rid themselves of in Chapter 7 bankruptcy…
Supreme Court Ruling Little Help to Struggling Homeowners
