Consumer groups urge bankruptcy reform to curb foreclosures
CBS News
Transcript
[Music] consumer groups are urging Congress to make changes in the bankruptcy law to help consumers in danger of losing their homes because of what are called abusive subprime mortgages among the changes the group wants Congress to let bankruptcy judges modify Home Mortgage Debt and remove timeconsuming credit counseling requirements which can delay a bankruptcy filing meantime civil rights groups are calling for a month moratorium on foreclosures resulting from high-risk loans given to people with shaky credit the groups argue that lenders should help borrowers refinance their mortgages or face lawsuits it's estimated that nearly 2 and A5 million homes will fall into foreclosure after weeks of slowly easing mortgage rates are on the rise again the average rate on a 30-year mortgage shot up to 6.22% this week last week they averaged 6.17% rates on 15year mortgages also Rose to 5.90% from 5.87% on Wall Street stocks managed to overcome a big jump in oil prices the Dow rallied 68 points the ndaq composite Rose 21 is your flat screen TV about to become outdated Sony plans to start selling smaller flat screen TVs using technology that could be the next big thing the Japanese Electronics giant will sell an 11in television using an organic electroluminescent screen by the end of the year the screens use less power than comparable LCD screens because they don't have a backlight and are much thinner that's your money watch be sure to log on to cbsnews.com for more in New York I'm Alexis christopherus