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Senate Passes Bankruptcy Bill.(Brief Article)
Washington -- The Senate has passed a major overhaul of national bankruptcy laws, clearing the measure for quick action in the House.
The consumer bankruptcy bill, which addresses some foreclosure issues, easily cleared the Senate by a 74-25 vote after two weeks of debate.
Republican leaders managed to defeat numerous amendments offered by Senate Democrats that would have made the bill (S.256) unacceptable to the House.
One amendment by Sen. Richard Durbin, D-Ill., would have prevented mortgage lenders from pursuing claims in Bankruptcy Court if they violated a federal anti-predatory lending law. The Senate voted 58-40 to kill the Durbin amendment. Sen. Durbin offered a similar amendment in 2001 and it failed by only one vote.
American Bankers Association executive vice president Edward Yingling said the bankruptcy bill is the product of eight years of congressional debates and amen-dments. "The time has come for this fair and balanced bill to become law."
President George Bush has signaled that he is ready to sign the bankruptcy bill.
The 500-page bankruptcy bill contains several provisions that would benefit mortgage lenders and servicers.
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Source: HighBeam Research, Senate Passes Bankruptcy Bill.(Brief Article)