It seems that allowing bankruptcy judges to modify mortgages is leading to entrepreneurial ventures by firms seeing the new change as an opportunity.
A California company has designed a new audit report to help bankruptcy judges and trustees.
From Yahoo news:
“A specialist in providing forensic loan audits for attorneys and financial institutions has developed a new product designed for bankruptcy attorneys, judges and trustees, who will soon be operating under a law allowing judges to restructure residential mortgages in bankruptcy proceedings.
Industry analysts predict that the pending legislation, which has passed the House and is expected to win Senate approval, will produce a surge in bankruptcy filings, as financially-pressed borrowers seek bankruptcy protection in an effort to avoid foreclosure…
Audit reports can consist of approximately 100+ pages of information. In order to expedite the review process, a concise, two-page summary of the audit will highlight all relevant information about the transaction and the parties involved in it.”
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