legislation: Mortgage Cram Down Legislation Is Defeated In The Senate
- 05/02/09 02:20 AM
The Senate defeated the proposed mortgage cram down bill 51-45 on Thursday, falling 15 votes short for a bill that would have allowed judges to modify home loans through bankruptcy. Specifically it would have allowed judges to either lower the interest rate and or reduce the principal on loans for primary residences. Let me be the first to say that I was not crazy about the bill as it could add another element of risk for banks in the mortgage market. And not that I am worried about banks, but the result could have been increased borrowing costs for all consumers … (18 comments)
The Senate defeated the proposed mortgage cram down bill 51-45 on Thursday, falling 15 votes short for a bill that would have allowed judges to modify home loans through bankruptcy.
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