Bankruptcy 'cramdown' bill emerges from House committee

A compromise version of a bill that would allow bankruptcy judges to modify the terms of troubled debtors' mortgage loans -- including reducing the principal to reflect a home's actual value -- has emerged from the House Judiciary Committee, where opponents had hoped to scuttle it.

H.R. 3609, the Emergency Home Ownership and Mortgage Equity Protection Act of 2007, squeaked by Wednesday on a 17-15 vote.

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