227775 Resource 128460 120646 120646 1236360472814 1236360472814 Controlled House Approves Mortgage Loan Modification Bill

Bill must still move through the Senate

<p>The US House of Representatives has approved a <b>mortgage loan modification bill</b>. The bill, which was modified in a way so as to <a href="http://www.banks.com/blogs/mortgages/2009/03/04/deal-reached-on-the-question-of-bankruptcy-mortgage-loan-modification/" target="_blank" title="mortgage modification, cram downs, mortgage bill, economy, foreclosure, Congress">require homeowners to show proof that they were not being helped by mortgage lenders</a>, allows so-called cram downs of mortgage principal.</p> <p>The idea behind the bill is to <b>prevent foreclosure</b> by allowing judges to modify loan terms of a primary residence in some cases. However, there are restrictions to what is allowed:</p> <ul> <li>Homeowners must show that they have tried to work things out with the lender.</li> <li>The mortgage had to have been one that was affordable at one point in time.</li> </ul> <p>Supporters of the bill point out that it's not really all that more onerous than the ability judges have to modify car loans and credit card loans. Opponents say that this would raise costs and take money away from the <b>mortgage debt market</b>.</p> <p>The bill still has to make it through the Senate, where its passage is far from assured.<br /></p> 9 application/xml false Congress cram downs currency market economy foreclosure forex trading mortgage bill mortgage modification A look into allowing judges to issue cram downs http://money.cnn.com/2009/03/05/real_estate/cramdown.reut/index.htm How does political and economic news affect forex trading? http://www.fx360.com/?aid=5704 Mozilla/5.0 (Macintosh; U; Intel Mac OS X 10.5; en-US; rv:1.9.0.7) Gecko/2009021906 Firefox/3.0.7 127.0.0.1 127.0.0.1 mmarquit 66.182.66.2 false true false false true 128460 blog blogsite/GFTForex/web