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Cramdowns on Agenda In Bankruptcy Debate.
Washington -- With rising defaults and foreclosures, House and Senate Democrats are expected to push hard for a bill that allows troubled borrowers to get their mortgages restructured by a bankruptcy judge.
The House Judiciary Committee approved a bankruptcy bill by a 17-15 vote in December. And the House is expected to vote on the bill (H.R. 3609) early in the new congressional session.
Sen. Richard Durbin, D-Ill., has called on President Bush to support bankruptcy reform so homeowners can get their mortgages renegotiated by filing for Chapter 13 bankruptcy.
The assistant majority leader noted that the Bush administration's Hope Now initiative for restructuring mortgages is too narrowly focused and "leaves out 90% of Americans that need assistance."
Democrats and consumer groups claim that bankruptcy restructurings will encourage more voluntary loan modifications - particularly for securitized mortgages where servicers are afraid of being sued by investors.
But Bush administration support is unlikely. Only one Republican, Rep. Steve Chabot of Ohio, voted for H.R. 3609 and the mortgage industry and financial services trade groups adamantly oppose to it.
Meanwhile, Sen. Durbin has been trying to work with Sen. Arlen Specter, R-Pa., on a bipartisan approach without much success.
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Source: HighBeam Research, Cramdowns on Agenda In Bankruptcy Debate.