Daily Archives: January 28, 2009

Chapter 13 Bankruptcy Reform Passes House Judiciary Committee

Per the American Bankruptcy Institute web site:

As the House Judiciary Committee approved mortgage cramdown legislation yesterday by a vote of 21-15, Democratic leaders are preparing to wrap it into the omnibus spending package slated to come to the House floor next week, CongressDaily reported today. House Judiciary Chairman John Conyers (D-Mich.) made three changes to the bill requested by Citigroup Corp. in exchange for its support: to limit eligibility to loans made before the date of enactment, to require borrowers to notify their lenders 15 days before filing for bankruptcy and to establish that only major violations of the Truth In Lending Act would invalidate creditor claims during a bankruptcy proceeding. The manager’s amendment includes a provision to allow a lender to recover funds if the borrower later sells the house for a profit. It also would clarify that the bill would not change any obligations for loans backed by the VA, USDA or FHA, whose mortgages are fully insured against losses in foreclosure. The bill is likely to change more before it comes to the floor.

Chapter 13 Bankruptcy Reform Passes House Judiciary Committee

One Response to Chapter 13 Bankruptcy Reform Passes House Judiciary Committee

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