The Mortgage Bankers Association [MBA] is one of the most powerful lobbying organizations for the big banks... One of the [MBA's claims] to fame is defeating Judicial Loan Modifications - a piece of legislation that Congress was attempting to pass in order to help millions of homeowners who had fallen victim to the housing crisis.
Under the current law, if you only have one home you can’t declare bankruptcy and have a judge renegotiate your debts. But if you own two homes, or a boat, you can. This is unfair and biased against working and middle class families that don’t have boats, airplanes and homes in the Hamptons...
From "Robin Hoods Take Back Chicago" - though I'm sure it's also filed under the "WTF?!-Files".
Perfect example of the kind of despicable political and economic corruption that we need to get rid of.
UPDATE: A friend of mine studying law has assured me that there's no way this could possibly be true. Really sorry for posting it! (I did try to do some research on it beforehand, but only got scanty evidence one way and the other!) (If anyone has info to the contrary, please let me know.)
Update 2: After further investigating, it seems that there actually is, in fact, some truth to the above, though the extent of it is not entirely clear.