Cramdown Returns to Congress, Passage Next Year Seems Likely
December 1, 2008
Cramdown proponents reintroduced legislation that is widely expected to place the issue atop Congress’ 2009 list of measures to provide foreclosure relief to homeowners. Disappointment over the slow pace of loan modification programs has caused congressional Democrats to reconsider cramdown legislation that would authorize courts to reduce a portion of a residential mortgage in a...