March 13th, 2009 by Reed Allmand 
According to an article in the Star-Telegram, the number of homeowners facing foreclosure rose 30 percent in February. Nationwide, nearly 291,000 homeowners were facing foreclosure last month despite lenders and some states delaying foreclosures in anticipation of President Obama’s foreclosure plan.
The rising number of foreclosures is threatening the health of our overall economy. Homeowners facing foreclosure are not able to contribute to the economy as they are struggling to provide the basics. Our tax base is quickly being eroded and many states are facing bankruptcy as foreclosed homes pay no tax revenue to communities. We must act quickly to force mortgage lenders to take appropriate action in their attempts to stop foreclosure. Currently, mortgage lenders may not have enough motivation to stop the foreclosure crisis. If we quickly vote into law, the bankruptcy legislation allowing toxic mortgage modifications during bankruptcy, it will provide the proper motivation mortgage lenders need to properly modify toxic mortgages. Foreclosure moratoriums are not enough, voluntary mortgage modifications are not enough they are only delaying foreclosure. Giving bankruptcy courts the power to modify mortgages is almost a guaranteed method of slowing down this foreclosure crisis.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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