Will Subprime Crisis Be Impetus for Bankruptcy Reform by Congress?

There is always some appetite in Congress for changes to the U.S. Bankruptcy Code, say some, but will the subprime mortgage crisis entice enough lawmakers to the table for action this year? Four key mortgage bills amending the Bankruptcy Code are currently pending. Lenders and bankers oppose all of the bills for now, essentially arguing that the Bankruptcy Code is not the appropriate vehicle for addressing the mortgage crisis. But consumer groups call the opposition "misguided" and "hysterical."

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