Law360 (March 5, 2009, 12:00 AM EST) -- The U.S. House of Representatives has approved a controversial bill that would give bankruptcy courts the authority to modify the terms or reduce the principal balance of a homeowner's mortgage, while protecting lenders from investors when loan terms are altered.
The Helping Families Save Their Homes Act, H.R. 1106, was passed by a vote of 234- 191 on Thursday evening. The measure is expected to face opposition in the U.S. Senate, however, which is expected to take it up soon.
The bill would allow judges to...
House OKs Wider Mortgage Powers For Courts
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