Tuesday, December 8, 2009

Proposed Bankruptcy Reform and Mortgage Modification

It was reported yesterday that Congressman John Conyers (D-Mich.) has submitted Amendment 201 to the Wall Street Reform and Consumer Protection Act of 2009 (H.R. 1473) that would allow the modification of home mortgages in bankruptcy. This modification would include a principal reduction and interest rate changes.

The House Rules Committee was to meet today regarding this measure and debate on the legislation may start this week. The House passed similar bankruptcy measures earlier this year but they were defeated in the Senate.
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