Senate Says “No” To Mortgage Cram-Down

In March, the House of Representatives passed a bill that would have allowed bankruptcy judges to lengthen repayment periods, cut interests rates and reduce principal balances on home mortgages.  The measure was intended to ease the financial strain for struggling homeowners.  However, the banking industry urged that the measure would further destabilize home prices.

Last week, the Senate voted down the “cram-down” legislation by a 45-51 margin, ending homeowner dreams of recovering their losses.  To read more, click HERE.