Tuesday, December 8, 2009

Mortgage Lienstripping via Bankruptcy Returns as Part of Financial Regulatory Bill

The American Bankruptcy Institute is reporting as follows:

"House Judiciary Chairman John Conyers (D-Mich.) has submitted an amendment to the financial overhaul package that would allow a bankruptcy judge to modify the terms of a home mortgage, including reducing the principal, CongressDaily reported today. Fifty-four amendments were filed two hours before deadline submission yesterday, and the House Rules Committee will meet today to consider the parameters for floor debate and again Wednesday before issuing its rule. Debate on the legislation could start as early as Wednesday. Against massive opposition from the banking industry, the House passed similar legislation this year, but the Senate fell 15 votes short to enact cloture."

Warmest Regards,

Bob Schaller

Your Bankruptcy Advisor Blog
By: Attorney Robert Schaller (Bob's bio) of the Schaller Law Firm
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