Dallas Bankruptcy Attorney: $700 Billion Bailout May Be 'Unpatriotic and Un-American'

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Bush, Paulson, Bernanke and Congress May Be Looking Out for Wall Street, But Who Is Looking Out for Herb and Harriet Homeowner?

Weldon Reed Allmand

The economy is a mess; the financial markets are near collapse; unemployment is at a 5-year high, and foreclosures are at record levels. To pass this bailout without including the proposals made by Senator Dodd would not only be unreasonable and irresponsibleā€¦ but also unpatriotic and un-American.

Attorney Reed Allmand is fuming mad. "Unless this proposed $700 billion bailout contains language that helps people stay in their homes and avoid foreclosure, it must be considered an utter disaster and significant failure," says Allmand, partner in Allmand & Lee, based in Dallas, Texas.

If ever there is a time where the average, hard-working American homeowner needs a little help, it's now. Allmand observes, "The economy is a mess; the financial markets are near collapse; unemployment is at a 5-year high, and foreclosures are at record levels. To pass this bailout without including the proposals made by Senator Dodd would not only be unreasonable and irresponsibleā€¦ but also unpatriotic and un-American."

Allmand, who is Board Certified in Consumer Bankruptcy comments, "Isn't this what our great Country is built on? We all work together, we all stick together and lend a helping hand to one another in time of need."

Among Senator Dodd's recommendations are the ability for homeowners to convert their Adjustable Rate Mortgage to a traditional mortgage with a repayment period of up to 40 years at a prime rate; waiver of credit counseling for debtors in foreclosure; and a waiver of fees or charges on a mortgage loan or secured loan.

W. Reed Allmand is a Board Certified Consumer Bankruptcy Attorney. He has been practicing for 7 years and has handled more than 3,000 bankruptcy filings. In August, 2008, his firm, Allmand & Lee filed 200 bankruptcies. To speak with Mr. Allmand or to schedule an interview, please call (214) 265-0123.

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Weldon Allmand

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