Industry NewsMortgage

House OKs ‘cram-down’ compromise

Bill would let bankruptcy judges modify mortgages
Published on Mar 5, 2009

Get Inman via Facebook Messenger
Our top headlines delivered once a day.
by CareyBot

In a compromise intended to appease lenders, the House of Representatives today passed legislation that will allow bankruptcy judges to rewrite the terms or troubled borrower's mortgages -- but only if they have first tried to work with their loan servicer to obtain a loan modification or other alternative to foreclosure.

Comments