Senate Rejects Cramdown Plan, Approves Revised Servicer Safe Harbor in New Mortgage Legislation
May 7, 2009
The Senate late last week voted to reject a controversial proposal to allow bankruptcy courts to modify mortgages on a borrower’s principal residence, a proposal supported by the Obama administration and already approved by the House. The lead proponent of the so-called cramdown provision, Sen. Richard Durbin, D-IL, had earlier this year appeared to break through stiff industry...
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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