Nearly three months after the Senate killed a House-passed proposal allowing homeowners to stave off foreclosure through bankruptcy, some upper-chamber Democrats are wondering if it isn’t time to revisit the issue.
Leaders of the Senate Judiciary Committee, not satisfied that mortgage lenders and servicers have done enough to More…
As housing foreclosures top the 1.5-million mark this year, the Obama administration has openly abandoned cramdown as a strategy for tackling the crisis.
That approach — which would empower homeowners to avoid foreclosure through bankruptcy — was once a central element of the administration’s plans to stabilize the volatile housing More…
The Obama administration has all but abandoned it, and the Senate has already voted it down. But a proposal to allow struggling homeowners to escape foreclosure through bankruptcy got a boost Thursday from a small band of House Democrats convinced that voluntary mortgage modifications aren’t alone solving the housing crisis. More…
Hoping to bring “cramdown” legislation back onto Congress’ radar, a House Judiciary subpanel met this afternoon to re-examine whether bankruptcy judges should be empowered to alter mortgage loans in order to prevent foreclosures.
Witnesses included the obligatory consumer advocates, a conservative think-tanker and a university professor. But the Treasury More…
The Grand Old Party is having a Grand Old Time blasting the Democrats for June’s uptick in unemployment.
Rep. Eric Cantor (R-Va.) said the newest figures are indication that Democratic leaders should have heeded Republicans earlier this year and dedicated much more of their $787 billion stimulus bill to More…
Though mortgage bankruptcy reform has been a central component of the Obama administration’s foreclosure prevention strategy, the White House all but abandoned the proposal in the days leading up to last week’s Senate vote, providing some Democrats with the political cover to kill the bill and leaving supporters scratching their More…
In an interview with The Huffington Post today, Sen. Charles Schumer (D-N.Y.) points out why credit card reforms, which the Senate is expected to take up this week, stand a better chance of passing than the mortgage bankruptcy reforms that failed last week.
“Bankruptcy reform, important as it
Lotta good that did.
The Obama administration last Friday issued an official statement in support of mortgage lending reforms that would allow some struggling homeowners to avoid foreclosures by filing for bankruptcy — an option that’s prohibited under current law. Too bad for housing advocates and imminent foreclosure victims, the More…
That’s what Sen. Richard Durbin (D-Ill.), who sponsored the bankruptcy reform bill that was slaughtered in the Senate Thursday, is saying. From The Hill:
“I don’t know what the next step will be,” said Durbin before the vote. “It’ll surely be the conference committee and hopefully the
If there was ever a question of who controls the Senate, it was answered this afternoon when Democratic leaders fell a whopping 15 votes shy of moving legislation to empower bankruptcy judges to alter mortgages for the protection of homeowners.
The finance industry had fought fiercely to kill the More…
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