Mortgage Bill Fails in Senate
WASHINGTON -- A measure to allow bankruptcy judges to rework the mortgages of strapped homeowners failed in the Senate on Thursday, clouding its chances of becoming law.
The defeat is a setback for the administration of President Barack Obama, which had championed the measure as a central plank of its plan to repair the housing market.
The measure, which was offered as an amendment to broader banking legislation, sank on a 51-to-45 vote due to opposition from Republicans and moderate Democrats.The measure would allow bankruptcy judges to reduce the principal amount of mortgage loans for struggling borrowers -- a process dubbed "cramdown." Currently, mortgages on vacation properties, but not primary residences, can be reworked by bankruptcy judges
Thursday, April 30, 2009
For now anyway...until The One steps in;