Weekly News via Email
   Set as homepage | Add to favorites | Customer Service | Subscribe Now | Place an Ad | Contact Us | Sitemap Friday, 12.19.2014
Classifieds
News Archive
Su Mo Tu We Th Fr Sa
 1  2  3  4  5  6  7
 8  9  10  11  12  13  14
 15  16  17  18  19  20  21
 22  23  24  25  26  27  28
 29  30  31
Online Extras
Site Services
Around Bend
Outdoor Fun
Travel Info
Shop Local




Members Of



Poll: Today's Live Poll
Email to a friend | Print this | PDF version | Comments (0 posted) 
  Blogger |   del.icio.us |   digg |   newsvine

Mar 13,2009
Dems seek cramdown support from financials
by UPI

WASHINGTON -- Democratic leaders say they're seeking support from the U.S. financial services industry for legislation that would allow bankruptcy judges to modify mortgages.

The measure passed the U.S. House of Representatives last week but hasn't been scheduled for a vote in the Senate, where aides say consideration could be delayed until after Easter, The Washington Post reported Friday.

Many Republicans oppose the measure that would allow bankruptcy judges to reduce the principal on a homeowner's mortgage, cut the interest rate and extend terms, often called cramdowns. The measure also is opposed by the financial services industry, which has argued it would drive up losses and bankruptcy filings of homeowners looking to bankruptcy courts for relief.

Citigroup, the troubled New York bank, backs the measure but no other financial institution has. Two Democratic lawmakers who back the legislation, Sens. Richard Durbin of Illinois and Charles Schumer of New York, said they are meeting with representatives of financial industry, including credit unions, to build support.

Dan Mica, National Credit Union Association president, told the Post he's been meeting with lawmakers and other supporters of bankruptcy modifications for at least a year.

"We would like to see the focus narrowed so it doesn't impact credit unions. Credit unions didn't create this problem, they didn't do subprime loans," the one-time congressman said. "Nothing would please me more than to see an agreement with Durbin and Schumer."

Copyright © 2009, by United Press International. All Rights Reserved.

1102 times read

Related news
House-passed bill lets judges alter loans by UPI posted on Mar 06,2009

Repairs to law needed by The Milwaukee Journal Sentinel posted on May 04,2007

Housing rescue plan proposed by UPI posted on Apr 02,2008

Modifying home loans by The Milwaukee Journal Sentinel posted on Mar 14,2008

Credit Unions Help Make Homes More Affordable by newsusa posted on Feb 09,2006

Did you enjoy this article? Rating: 5.00Rating: 5.00Rating: 5.00Rating: 5.00Rating: 5.00 (total 45 votes)

Market Information
Breaking News
Most Popular
Most Commented
Featured Columnist
Horoscope Guide
Aquarius Aquarius Libra Libra
Aries Aries Pisces Pisces
Cancer Cancer Sagittarius Sagittarius
Capricorn Capricorn Scorpio Scorpio
Gemini Gemini Taurus Taurus
Leo Leo Virgo Virgo
Local Attractions
Bend Visitors & Convention Bureau
Bend Visitors & Convention Bureau

Mt. Bachelor Resort
Mt. Bachelor Resort

Les Schwab Ampitheater
Les Schwab Ampitheater

Deschutes County Fairgrounds
Deschutes County
Fairgrounds

Tower Theatre
Tower Theatre

The High Desert Museum

Advertisements



Deschutes County

Google  
  Web    BendWeekly.com
© 2006 Bend Weekly News
A .Com Endeavors, Inc. Company.
All Rights Reserved. Terms under
which this service is provided to you.
Please read our Privacy Policy. Contact us.
Bend Weekly News & Event Guide Online
   Save the Net
Advertisement
External sites open in new window,
not endorsed by BendWeekly.com
Subscribe in NewsGator Online
Add to Google Add to MSN Add to My AOL
What are RSS headlines?