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House OKs Wider Mortgage Powers For Courts

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...
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