Big Win for Banks: Bill to Aid Home Owners Shot Down in Congress {VIDEO}

By Town Cryor • May 1, 2009

from AP

Another score for the banking world. A proposed bill put forth to help prevent home foreclosures was shot down today. Bankers concern with the bill is that it allowed bankruptcy courts to redefine mortgage terms. This would have beenÂ good for home owners- court judges could reduced their payments so that people could stay in their homes. This would be bad for bankers because it would give courts the right revalue the mortgages. This act of legislation could further the epidemic of Americans loosing their homes.

Categories: Banking, Lifestyles, Opinion, Politics, Rags, Real Estate, Riches, Video
Tags: Banking, Bankruptcy Bill, Cramdown Bill, Cramdown Cram Down, Dick Durbin, Senate

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