The goal of our nation’s bankruptcy laws is to ensure the efficient disposition and wind down of failed companies. But these objectives must be carefully balanced against the needs of all stakeholders, and in the case of foreclosure cases, the rights of homeowners living in properties secured by GMAC mortgages must be respected.
The intent of a borrower’s committee in the GMAC case will be to ensure that homeowners are not left out in the cold….
I will travel to New York City next week and I’m most optimistic that our nation’s federal bankruptcy courts will see the very real value in giving consumers all across the country a seat at this most important table:
