Archive for May, 2009
Senate Defeats Mortgage Relief Bill
May 2nd, 2009 categories: National News/Local News
posted: 6 HOURS 37 MINUTES AGO
WASHINGTON (April 30) – The Senate has defeated legislation that would have let hundreds of thousands of debt-ridden homeowners seek mortgage relief in bankruptcy court.
President Barack Obama had said the bill was important to saving the economy and promised to push for its passage. But facing stiff opposition from banks, Obama did little to lean on lawmakers who worried it might spike interest rates.
The bill would have allowed bankruptcy judges to rewrite a person’s mortgage terms, if a bank refused to offer better terms based on income and home value. Only 45 senators voted in favor of the bill, with 51 senators opposed.
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