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“Mortgage modification in bankruptcy expected to be dropped form Senate agenda…”
A bulletin from KING BANKRUPTCY PRACTICE
April 9, 2009
Sources have let leak that the much talked about bill to allow
bankruptcy judges to modify mortgages will probably be dropped from
the Senate agenda.
Senate rumors suggest the reason is the proposed judicial cramdown
legislation is a stumbling block to getting other aspects of
President Obama’s economic recovery initiatives from passing,
including renewed regulation of the finance industry, increased
attention to mortgage fraud, and health care reform. The cramdown
bill lacks sufficient votes at the present time in the face of
opposition from both Republicans and Democrats.
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4 Comments
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I honestly can’t see how the government can force lenders to cram down loans
I know a few people that have came close to claiming bankruptcy – but I find it better to claim financial hardship – well at least in Australia and this allows simlar financial benefits as bankruptcy by freeing up invested money.
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