Lawmakers Working To Help Homeowners

Bankruptcy Home Mortgage House passes bill to let judges rewrite mortgages
by Associated Press
Published: Thu, March 05, 2009 - 7:16 pm CST Last Updated: Thu, March 05, 2009 - 7:57 pm CST
WASHINGTON (AP) - The House has passed legislation to give
debt-strapped homeowners a chance to win lower mortgage payments
through bankruptcy courts.
The vote was 234-191 to approve the measure. It faces a tough
road in the Senate, where Republicans and some Democrats oppose the
idea.
The bill gives bankruptcy judges new power to reduce the
interest rate and principle on a home mortgage. It's part of
President Obama's housing rescue plan.
Supporters see it as a crucial tool to prod banks to negotiate
with homeowners for more affordable terms. Critics say it will
create a flood of bankruptcy filings that will drive up mortgage
rates and further destabilize the battered housing market.

(Copyright 2009 by The Associated Press. All Rights Reserved.)
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