Democrats Say Lenders Are Falling Short
October 2, 2009 · Comment
Four U.S. Democrats introduced legislation on Wednesday that would slow record high foreclosure rates and stabilize the housing market.
“This bill will force lenders to modify qualified mortgages, create a homeowners assistance program and give states a bigger role in mediation efforts, says Senator Dick Durbin (D), adding, voluntary efforts to keep families in their homes [...]
Citigroup Agrees To Foreclosure Prevention Plan
January 11, 2009 · Comment
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
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