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News Now

Washington
Cramdown vote coming prospects unclear
WASHINGTON (4/24/09)—A measure that would allow bankruptcy judges to change--or “cramdown”—the terms of existing mortgages could come up for a vote in the Senate as early as next week, according to press reports Thursday. Senate Majority Whip Richard Durbin held a press conference mid-day on the legislation, which is an amended version of a House bill (H. R. 1106), strongly opposed by the Credit Union National Association (CUNA). Although against the broad cramdown provisions in the House bill, CUNA has continued to work with Senate lawmakers and their staffs to mitigate the effect on credit unions if such a bill is passed into law. The measure primarily has been supported by Democrats and opposed by Republicans. Enough centrist Democrats oppose the mortgage bankruptcy provisions, of what is a broader bill, to put its prospects into question, according to press reports. John Magill, CUNA senior vice president of legislative affairs, said CUNA-supported portions of the bill, such as authority for credit unions to spread out assessment costs associated with the National Credit Union Administration’s corporate credit union stabilization fund, may may still come up as part of a larger housing bill.


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