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The Leadership Conference on Civil and Human Rights

The Nation's Premier Civil and Human Rights Coalition

The Leadership Conference on Civil and Human Rights  & The Leadership Conference Education Fund
The Nation's Premier Civil and Human Rights Coalition

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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