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
App puts #CUNAGAC in palms of attendees' hands #NewsNow http://t.co/piabPHIGb5
16 hours ago
App puts #cunagac in palms of #creditunion attendees' hands http://t.co/2XZC3LWw6Z
17 hours ago
Breaking at #NewsNow: @CUNA files amicus brief in Florida interchange case. http://t.co/gWSBjCtSD7
17 hours ago
What is the @NCUFoundation ? Watch this Foundation video: http://t.co/iC6XoInU7r
20 hours ago
Follow @cumagazine for even more #CUNAGAC live-action reports March 8-12 #creditunion #creditunions #UniteForGood
22 hours ago