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Bankruptcy
: The BK BlawgCongress Considers Bill that Would Allow Homeowners to Modify Mortgage Terms in Chapter 13
By Jonathan
Jonathan Alper, writing in the Florida Bankruptcy Law blog, reports that Democratic congressmen have introduced House Bill 7307 which would empower bankruptcy judges to reduce the balances of "upside down" mortgages to the value of the property and to reduce mortgage interest rates in some cases.
So called "cram down" authority currently allows bankruptcy judges to cram down car loans, furniture debt and other secured loans. The BAPCPA changes to the bankruptcy law put limits on cram downs of car loans; it will be interesting to see if Congress expands cram downs to mortgage loans will they also change the rule that apply to automobile debt.
Opponents to this expansion of cram down authority contend that by giving bankruptcy judges the power to change mortgage loan terms, the mortgage security market will be destablilized and that the cost and availability of mortgages - especially to credit challenged homeowners - will tighten because of the uncertainty that such potential modifications will bring to the market.
Attorney Alper offers his own opinion - that mortgage cram down be approved for a set period of time in order to stabilize the housing market, then to revert back to current rules.
I'm not so sure that Congress has the discipline or the political will to write laws that might help restore order to our financial markets battered by a once-in-a-lifetime crisis. I think that the tempation will be too great for Congress to regularly tinker with the operation of the free market, which may provide short term relief, but will result in long term damage to those markets.
Full post as published by The BK Blawg on December 02, 2008 (boomark / email).
Bill Introduced To Permit Chapter 13 Debtors To Modify "Upside Down" Home Mortgages
Democratic congressman introduced this week a bill (H.B. 7307) to change Chapter 13 bankruptcy law to permit homeowners to modify the terms and principal balance of their home mortgages...
Congress Could Save Your Home From Foreclosure
Congress is considering the “Emergency Home Ownership and Mortgage Equity Protection Act of 2007.” This bill would change the bankruptcy code to permit a bankruptcy judge to modify the terms of a home loan in a Chapter 13 proceeding...
Mortgage Loan Modification May Soon Be Allowed in Chapter 13 Bankruptcy
A bill introduced in the U.S. Senate last night will change the bankruptcy law to allow judges to modify a debtor’s mortgage loan on his home. This bill will help families save their homes from foreclosure...
Bill Introduced In Congress Which Would Allow Bankruptcy Judges To Modify Home Mortgages
Obviously, everyone saw this coming after the election, but Illinois Democrat Senator Richard Durbin has not even waited for the run-off elections to be decided or a new Congress seated in January...
H.B. 7307: Chapter 13 Bankruptcy Home Mortgage Modification Bill Introduced
Democratic Congressional leaders introduced House Bill 7307 this week to remove a ban on modification of a homeowners residential mortgage in chapter 13 bankruptcy. It would correct a 30-year-old anomaly in the Bankruptcy Code allowing the modification of nearly all loans except a family?s home...
Mortgage Modification Bill: Mortgage Bankers Dont Get It
Pending bankruptcy legislation would allow bankruptcy judges to modify mortgages in Chapter 13 in order to slow down the foreclosure crisis in this country. Mortgage bankers oppose the bills even though it could ultimately benefit their industry...
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