Tuesday, January 6, 2009
Primary Residence "Cram Down" Legislation Reported to be Introduced in Congress Today
The media reports that mortgage "cram down" legislation designed to help Americans save their homes from foreclosure by allowing bankruptcy judges to modify some mortgage debt will be introduced by Congressional Democrats today. Supporters are confident that the legislation will pass into law this time as the housing crisis has significantly worsened. Senator Richard Durbin of Illinois has promised to push for the new bankruptcy provisions to be included in an economic stimulus package being drafted by Congressional Democrats.