Politics & Government

March 4, 2009

Lenders were asked to help — now, they may be forced to

As the recession deepens and millions more families risk losing their homes, the U.S. House will vote today on one of the most debated pieces of legislation to address the nation's housing crisis — allowing bankruptcy judges to alter the terms of a mortgage, a process known to the industry as "cramdown." Its likely passage is bad news for banks, but good news for millions of distressed homeowners.

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