Bankruptcy Provision Booted From Housing Bill

Law360, New York (April 4, 2008, 12:00 AM EDT) -- A controversial provision of the U.S. Senate housing bill that would have allowed judges to modify mortgages in bankruptcy proceedings was booted from the legislation Thursday as legislators marshaled their efforts to work out a plan to aid struggling homeowners.

The amendment, proposed by Senator Richard Durbin (D-Ill.), faced opposition from Senate Republicans, banking industry groups and the White House, threatening the passage of a broader bill.

Durbin himself requested a vote on the matter Thursday, and the Senate answered by voting 58-36 to remove the...
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