Ahead of the Bell: Senate’s Mortgage Fix
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bankruptcy code, mortgages, senate February 27th, 2008The Senate could begin debating Tuesday another round of remedies for homeowners caught in the worsening housing crisis.
Senators may vote this week on a package of legislative proposals, designed by Democrats, that includes easing bankruptcy rules and boosting funds for foreclosure-prevention counseling.
The proposed revision to the U.S. bankruptcy code would allow judges to cut interest rates and reduce what’s owed on troubled borrowers’ mortgages. At stake are potentially millions of dollars of profits for mortgage lenders, which have been lobbying against the measure. Their opposition is echoed by many Republican lawmakers.
Consumer advocates, meanwhile, are pushing senators to approve the change.
Tags: bankruptcy code, mortgages, senate
