Bankruptcy Courts to Issue Cramdowns

Bankruptcy Court judge will soon have the power to reduce mortgage loan balances of borrowers filing for bankruptcy.  Congress is expected to pass the bill and President Obama has pledged to sign it.  The bill also grants bankruptcy judges the power to cut mortgage interest rates and monthly payments. Under Chapter 13 bankruptcy,  judges can [...]

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 [...]

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