Category: Debt

Supreme Court Outlaws Chapter 7 ‘Stripping Off’ of Second Mortgages

DSNews   By: Brian Honea The U.S. Supreme Court ruled on Monday that an underwater second mortgage cannot be extinguished, or “stripped off,” as unsecured debt for a debtor in bankruptcy, according to theSupreme Court‘s website. In the cases of Bank of America v. Caulket andBank of America v. Toledo-Cardona, Florida homeowners David Caulkett and Edelmiro […]

New York Fed Finds Increasing Debt Levels in Q1

DSNews   BY:   Tory Barringer    May 14, 2014 Americans increased their borrowing in the first quarter, but little of that stemmed from new mortgage lending, according to data released Tuesday by the New York Federal Reserve. The New York Fed recorded an increase of $129 billion in national outstanding household debt in the first three months […]