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Mortgage bankruptcy bills spring early in 09
WASHINGTON (1/8/09)—Lawmakers in both houses of the U.S. Congress reintroduced legislation this week that would let judges modify mortgage terms in bankruptcy proceedings. After falling short in completing the legislative process in 2008, the bill was reintroduced in the Senate by Sen. Dick Durbin (D-Ill.) and in the House by Rep. Brad Miller (D-N.C.) Tuesday. Ryan Donovan, vice president of legislative affairs for the Credit Union National Association (CUNA), said he believes that the lawmakers will try to get the bill attached to a much-anticipated, second economic stimulus package. Durbin tried a similar strategy at the end of 2008 when he attempted to get mortgage “cramdown” provisions—that would have granted bankruptcy judges the power to rewrite the terms of loans—included in The Foreclosure Prevention Act of 2008.


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