From Today’s Washington Post:
Days before an expected vote, Senate leaders yesterday touted their version of a proposal to allow bankruptcy judges to modify mortgages, but have yet to secure the support of the financial services industry and face fierce opposition that could derail the proposal again.
The characterization of the opposition being “fierce” is unfortunate, but it appears to be accurate:
“I hope we can muster the courage and find the votes, although I know it will be hard,” (Senate Majority Whip) Durbin (D-Ill) said on the Senate floor yesterday. Durbin has been pushing the measure for more than two years. “It’s hard to imagine that today the mortgage bankers would have clout in this chamber, but they do.”
For more on the President’s Foreclosure Prevention Plan, click here.
Related posts:
- Does the Cramdown Bill Have a Chance of Passing?
- Mortgage Modification Legislation Update: Citigroup Supports the Bill
- The Cramdown Bill is Dead
- Mortgage Modification Update: Not so Hopeful
- Mortgage Modification in a Chapter 13 Bankruptcy
Tags: Chapter 13, Cram Downs, Homes, homesteads and real estate, In the News, Modifications and Workouts, Mortgage and Foreclosure, Mortgages and Foreclosures