Amendment to Help Struggling Homeowners Voted Down in the Senate
April 30, 2009 - Posted by Tyler Lewis
Due to stiff opposition from the banking and mortgage industries, the Senate voted against passing (45-51) an amendment today that would have given bankruptcy judges the ability to rework defaulted home mortgages on family homes to an affordable value.
According to estimates by the Center for Responsible Lending and the National Association of Consumer Bankruptcy Attorneys, the bankruptcy provision could have prevented up to 1.7 million mortgages from falling into foreclosure.
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