Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
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.


RSS print
News Now LiveWire
.@CreditYOUnion captures voices of #100MM loud, proud at @GAUnitedCU See #NewsNow Thursday for more
13 hours ago
Ill. @GovernorQuinn signs patent troll law http://t.co/ugWf8zHpCm via @CrainsChicago
14 hours ago
.@MBAMortgage : Mortgage apps increased 2.8% from one week earlier for week ending Aug. 22.
15 hours ago
Franchise businesses may face higher breach risk with POS systems HT @briankrebs http://t.co/LGE46DUk15
16 hours ago
About 1 in 3 consumers use plastsic for in-person purchases of less than $5, according to @CreditCardsCom survey.
17 hours ago