Senate Kills Mortgage Cram-Downs

The Senate defeated a proposal to allow bankruptcy judges to modify mortgage terms in bankruptcy court.

The measure was only able to muster 45 votes in favor, far short of the 60 that would have been needed to override a filibuster. Moderate Democrats, twelve in all, joined with Republicans to block the measure.

President Obama had campaigned in favor of cram-downs but the administration did not actively support attempts to enact the measure.

more: here

You can leave a response, or trackback from your own site.

Leave a Reply