Bankruptcy judges would get new authority to modify the terms of a mortgage on a homeowner's primary residence under legislation approved recently by the House Judiciary Committee to assist homeowners facing foreclosures because of the recent sub-prime mortgage crisis. The bill would let bankruptcy judges reduce what's owed on a mortgage and reduce interest rates if the borrower shows he or she is unable to make payments and foreclosure has begun.
December 18, 2007 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Bankruptcy judges would get new authority to modify the terms of a mortgage on a homeowner’s primary residence under legislation approved Wednesday by the House Judiciary Committee to assist homeowners facing foreclosures because of the recent sub-prime mortgage crisis.
The bill — fiercely opposed by the lending industry but supported by Democrats and consumer advocates — was passed by the House Judiciary Committee 17 to 15, with one Republican supporting it.
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