December 21, 2007

Dot... Dot... Dot... Part Two

The game continues!

See if you can connect these three things:

1) U.S. Senate passes a bill a couple years back to make it much, much harder to declare bankruptcy on credit card debt;
2) Banks, being mostly unregulated at this point, have been doling out sub-prime mortgages for years now (from $136 billion worth in 2000 to $635 billion in 2006) to entice new purchasers, qualified or not;
3) There is a massive increase in jingle mail, where people are walking away from homes that now carry more debt for than they are worth.

Last time I talked about the new bankruptcy law, I linked it to the then-new malpractice liability restriction. Holy nightmare if both disasters happen to you at once, eh?


posted by Thursday at 5:58 pm


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