House Bill Would Allow Courts To Modify Mortgages

Law360, New York (September 24, 2007, 12:00 AM EDT) -- In response to the growing crisis in the subprime mortgage market, a bill introduced in Congress on Thursday aims to prevent homeowners from losing their homes in bankruptcy by allowing courts to modify mortgages.

The legislation was proposed by Rep. Brad Miller (D-N.C.), a member of the House Financial Services Committee, and Rep. Linda Sanchez (D-Calif.), a judiciary subcommittee chairwoman. It seeks to amend U.S. bankruptcy law and includes a provision that would allow bankruptcy courts to modify a home mortgage in the same way mortgages...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.