Bankruptcy Law Becomes Issue In Md. Primary
September 16, 2007, 9:47pm
After years of debate over the best way to curb bankruptcies, Congress passed a new law in 2005. But now that more people are beginning to lose their homes because they can’t make the payments on high-risk loans approved in recent years, the bankruptcy law is coming under fire.
It’s already a political issue in the primary between Rep. Albert Wynn in Maryland’s 4th District and his Democratic opponent, Donna Edwards. In an interview with the blog Open Left, Edwards, who lost to Wynn in the 2006 primary, blasted Wynn for supporting “a bankruptcy bill that just rewards banks and credit card companies at the expense of consumers.” She said the “bad legislation” is keeping people protecting their homes when they have to file for bankruptcy.
Edwards also talked about the broader problem of people in her district being impacted by “subprime” mortgages that are now hitting them with house payments they cannot afford to make.
Categories: Maryland, Economy, House 2008, Albert Wynn, Financial Services
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