Democrats Propose Mortgage Modification Bills

Law360, New York (January 6, 2009, 12:00 AM EST) -- Congressional Democrats have introduced new bills that would empower bankruptcy judges to modify the terms of home mortgages to stem the rising tide of foreclosures, after a similar initiative failed last year amid stiff opposition from lenders.

On Tuesday, Sen. Richard J. Durbin, D-Ill., introduced the Helping Families Save Their Homes in Bankruptcy Act in the U.S. Senate, while Rep. John Conyers, D-Mich., introduced a companion bill in the U.S. House of Representatives.

Meanwhile, Rep. Brad Miller, D-N.C., introduced his own mortgage modification bill in the...
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