Posted on 09/28/2005 10:54:19 AM PDT by ex-Texan
Fair Use Excerpts Below:
**1. ROSS C. DEVOL, director of regional economics at the MILKEN INSTITUTE: Preliminary research indicates Katrina could cost the U.S. economy an initial loss of 400,000 jobs in September and reduce monthly average job creation by 30,000 jobs for the rest of 2005. It could also increase the price of oil by $10 a barrel and lead to a nearly one percent decline in GDP growth in the fourth quarter of this year. But next year, reconstruction efforts will turn things around -- adding back those 30,000 jobs per month, easing the price of oil, and increasing the GDP by more than a percentage point during the second and third quarters. The reconstruction efforts will prove a boon to the economy in 2006."
**3. JEFF ISAAC, Esq., of THE LAWYER IN BLUE JEANS GROUP: "The so-called Bankruptcy 'Reform' Bill that passed Congress and goes into effect this Oct. 17 is shaping up to be yet another lethal blow to the victims of Hurricane Katrina. Under this myopic legislation, those who were duly employed before but did not have proper insurance to cover the many losses incurred from the storm may be barred from filing for bankruptcy protection. It's shocking that a bill so critical to the financial well-being of our nation's citizens -- in this case, those who were working and contributing to society and our economy -- could have been so short-sighted, and, as inexcusable, passed by Congress as such."
**6. STEVEN S. CAMP, attorney at GARDERE WYNNE SEWELL: "As those affected by recent hurricanes work on rebuilding their lives, they need to take a close examination at their consumer debt. Consumers may seek temporary relief from many types of payments and, if asked, credit card companies may also grant temporary limit increases to cover emergency expenses. Of more concern may be car loans. If they were left behind, most cars can be expected to be totaled. This will impact a significant number of people, because very few invested in the GAP coverage to insure the difference between what is owned and the value of the car."
**7. GERALD RICHARDSON, managing director of HURON CONSULTING GROUP, which helps clients effectively address complex challenges that arise from litigation, disputes, investigations, regulation, financial distress and other sources of significant conflict or change, can discuss the challenges these businesses will face during the insurance claim process in the aftermath of Hurricane Katrina: Many businesses in the Gulf Coast region and around the country will be taking on the arduous task of filing property damage and business interruption insurance claims as a result of the hurricane. Huron professionals have helped clients negotiate more than $2 billion in property damage and business interruption settlements due to Sept. 11, hurricanes, fires and other disasters.
**9. JUDITH COLLINS, professor of criminal justice at MICHIGAN STATE UNIVERSITY, is a national expert in identity theft and says that steps must be taken quickly to prevent hurricane refugees from becoming doubly victimized by identity theft: "There are simple steps that can help victims of natural disasters in the U.S. avoid the often Orwellian ordeal of becoming victims of identity theft. With the authorization of upper-level management and efficient leadership, these best practices for identification management in times of emergency can be developed, implemented and operational within one week, provided all politics are put aside in the best interests of everyone."
Hurricane victims will also discover they will not be allowed relief under the new Bankrupcty Act. Some members of Congress are pursuing special legislative relief for hurricane victims, but there is no guarantee antime soon. Mortgage payments remain due even though homes were destroyed and policy holders' claims denied lawfully or unlawfully. Most lenders will grant home owners ninty days grace to make payments, but the payments will be entered on the lenders books as late. The destruction to the victims credit reports may be catastrophic. Just some minor insights from a retired geezer. Please hold the flames.
No flames here, you are 100% correct.
If I owned a home with a mortgage, and insurance wasn't going to cover my losses, I would be quite happy to take the credit report hit in exchange for sticking the mortage company with the destroyed house.
You need to re-read the Bankruptcy Reform Bill.
Still a few weeks to file before the new bill takes effect.
Let me paraphrase this very negative view. Those who were prudent will make out better than those who were not. How's that?
OK...call me young and naive here, but, is this possible? I mean...is a mortgage company really going to foreclose on a 75% to %90 destroyed house in a cesspool or a on a lot where a house used to be (destroyed by the hurricane)? I would suppose that if the city I lived in got a couple nukes, (while I was out of town of course) rendering my house destroyed and land unhabitable that the same concept applies?
This might be a good time for those who lost everything, yet owe for all of it, to change their name to Jose and get one of those tax-free reconstruction jobs. Right off the bat, they're eligible for free medical care, and their children will get free schooling. Soon they'll get amnesty and be an American again under the new name, but with lots more benefits. Si?
I knew the Bankruptcy Act was too restrictive.
In my personal opinion, the new BK Act will be found to be an unconstitutional deprivation of long established fundamental rights. Especially when the public starts digging and learns about the lobbyists donating BIG bucks to members of Congress. Members of Congress from both parties accepted campaign donations from lenders. Lobbyists may have been doing their black bag act again, running stacks of cash from back door to front door. A major scandal is brewing behind the scenes.
Acts of war are different and excluded from most coverage.
The sad thing is that this is SO NEGATIVE for Republicans. I sat there and agreed with every word from Ted Kennedy as he read his rebuttal about this bill (it absolutely pains me to write that). Republicans were bought out by the credit industry. Yes, I believe people should do all that is possible to pay their bills, but when the possible is over, it is time for the lender to accept his risk. Every lender had set up credit with the current bankruptcy laws in place so it was a free gift to them from the Replubicans in Congress to change the rules of the game.
Great minds...
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