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| Jack Johnson |
The bill amounts to an attack on those having the toughest time recovering from the deepest downturn since the Great Depression.
Johnson will be a key player in whether the bill will be passed or not, according to The Washington Post. Johnson is already facing charges for allegedly trading business permits, millions of dollars of grant funding and other favors for money. Johnson pleaded not guilty to all charges.
According to the Knoxville News Sentential, Tennessee is a “non-judicial-review” state, which means that no court reviews foreclosure proceedings. Only four other states have no judicial oversight.
Home buyers, who find themselves being targeted by banks for foreclosure, have only one option if they want to recover the hope of home ownership-personal bankruptcy. This is not surprising considering that Tennessee is among the nation’s leaders in bankruptcy filings.
The banking industry accepts the majority of the responsibility for the mortgage crisis that led to the recession. Banks and other lenders convinced too many people to use reverse mortgages that they could not afford. Thousands of Tennesseans are now out of work and having difficulties paying their mortgages.
Tennessee lawmakers have an opportunity to overturn the bill on Wednesday when the House Judiciary Committee is scheduled to review legislation. A debate has yet to be scheduled in the Senate Judiciary Committee; however, the committee has an opportunity to help homeowners that are struggling due to the recession Knoxville News Sentential.
Sources: http://www.collegenews.com
