Dallas-Fort Worth Real Estate Investor Club

No "cram-down" yet!!! GREAT NEW for Real Estate Professionals who provide Owner Financing"

  • 01 May 2009 4:06 PM
    Message # 161368
    Deleted user

    Senate rejects bill to modify troubled homeowner loans

    Measure would have allowed bankruptcy judges to rewrite terms of mortgages

    By Ronald D. Orol, MarketWatch
    Last update: 5:03 p.m. EDT April 30, 2009
    WASHINGTON (MarketWatch) - A controversial provision that would allow bankruptcy judges to modify mortgages for troubled homeowners was rejected by the Senate on Thursday.
    The provision, known as "cram-down," failed on a vote of 51-45. A similar measure was approved by the House earlier this year.
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