Floridian Homeowners Sold Out in Bankruptcy 'Cram Down' Legislation
By Judy Chapman
(Referral Network of Illinois LLC)
On April 30, 2009, an amendment to legislation currently in Congress ~~ Title V—PREVENTION OF MORTGAGE FORECLOSURES Subtitle A—Modification of Residential Mortgages ~~ which would have allowed bankruptcy judges to modify mortgage loans, failed to pass in the Senate in a 45-51 vote, even while the House earlier voted for passage 234-191. “While I’m disappointed with the outcome of today’s vote, I’ll continue to bring this issue to the floor until the Senate decides to put the interests of homeowners above the interests of bankers,” Senator Richard Durbin (D-IL) said after the vote. “When I first proposed this legislation two years ago, nearly 2 million homeowners were at risk of losing their homes. Today, that number has skyrocketed to over 8 million homes, with nearly 1 in 6 mortg...
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