Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
House approves cramdown bill
WASHINGTON (3/6/09)--The U.S. House of Representatives yesterday voted 234-191 in favor of H.R. 1106, Helping Families Save Their Homes Act, which contains a mortgage cramdown provision that will affect credit unions. The provision would allow bankruptcy judges to modify the terms of existing mortgages, which the Credit Union National Association (CUNA) has said could lead to borrowers’ gaming of the system. The bill will now move to the Senate, where CUNA believes there is an opportunity to limit the scope, application and duration of the legislation. The cramdown portion of the bill was modified prior to the House vote, but the revised language is insufficient, CUNA said. It "only uses the President's plan as a guideline for the courts to follow, not a limitation on what type of loans the courts can cramdown or what the courts can do to those loans,” said Ryan Donovan, CUNA vice president of legislative affairs. Though CUNA does not support the cramdown provision of H.R. 1106, it does strongly support another provision that would make higher share and deposit insurance ceilings permanent.


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
10 hours ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
12 hours ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
12 hours ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
12 hours ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
14 hours ago