Citigroup Agrees To Foreclosure Prevention Plan

Citigroup has reached an agreement with the Senate on legislation that will allow bankruptcy courts to modify the terms of residential mortgages so that judges would have the power to reduce mortgage principal.

Sen. Richard Durbin (Dem, Illinois) re-introduced the bill to the Senate.  The plan may be included in the economic recovery package being drafted

Related posts:

1. Bankruptcy Courts to Issue Cramdowns
2. Democrats Say Lenders Are Falling Short

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