Mortgage Cramdown Provision May Reach House Floor Today
Earlier today, the House Rules Committee agreed to allow the mortgage modification in bankruptcy provision to be considered as an amendment to the broader financial services reform bill. The issue could reach the house floor as early as this afternoon, so please take a moment to contact your U.S. Representative. It's simple and only takes a minute. Just:
1. Phone toll free at: 877.354.4958
2. Put in your zip code
3. When you reach the receptionist:
- State your name
- Say that you are a constituent
- Ask the Representative to vote FOR the Conyers-Turner-Lofgren amendment (#201) to the Financial Services Reform bill.
- This amendment will cost taxpayers NOTHING and will save millions of homes from foreclosure
(Thanks to NACBA for the quick and easy instructions)
The provision would allow bankruptcy judges to modify mortgages in bankruptcy, and could help millions of people facing foreclosure--and not just those who file bankruptcy. The ability of bankruptcy judges to make such adjustments would finally provide motivation for mortgage holders to enter into good-faith voluntary modifications that would allow hardworking people to remain in their homes.
