The House Judiciary Committee today reported the bill to enable mortgage modification in bankruptcy to the full House after addition of a “claw back” provision. The added provision provides for a declining percentage of net sales proceeds to be paid to the crammed down lender if the house is sold during the pendency of the [...]
Posts on ‘January 27th, 2009’
The Banking and Lending Industry is Fighting Hard against the Mortgage Modification Bill
Opposition to the “Helping Families Save Their Homes in Bankruptcy act of 2009” is coming from the banking and lending industry. They are literally pouring millions of dollars into lobbying against this legislation, as reported by KUTV, news 2.
They argue that allowing judges to reduce mortgage payments will end up costing home owners more in [...]
House Judiciary to Meet and Vote Today
The National Association of Consumer Bankruptcy Attorneys reports that:
The House Judiciary Committee will meet at 1 p.m. ET today to mark up (consider) HR 200, the “Helping Families Save Their Homes in Bankruptcy Act.” At the time of the mark up there will be a manager’s amendment offered by Chairman Conyers that will embody the [...]