Banks Fight Home Loan Bankruptcy Bill
Wednesday November 7, 7:33 pm ET
By Alan Zibel, AP Business Writer
Mortgage Industry Battles Bankruptcy Law Changes That Would Allow Judges to Modify Loan Terms
WASHINGTON (AP) -- Mortgage lenders are fighting lawmakers' efforts to enable bankrupt borrowers to reduce the size of their home loans, arguing this change would magnify the housing crisis by driving up interest rates.
The House Judiciary Committee put off a vote Wednesday evening on a bill by Rep. Brad Miller, D-N.C., and Rep. Linda Sanchez, D-Calif., that would allow home mortgages on primary residences to be modified in bankruptcy court. Doing so, advocates say, could help as many as 600,000 homeowners avoid foreclosure.
May they put off the vote forever. Damn I've made alot of oney in the past few days. Now I'm wishing for the roller coaster to just come into the station.
$12.35 (11/08/07)
