Back in March, we ran a blog post on how credit unions were worried about new “Cramdown” legislation, which would allow bankruptcy judges to reduce the principal in mortgages loans. Well, they need not worry any longer, at least for a time. The Senate just defeated the bill 51-45. According to CNN, the financial industry [...]
Entries Tagged as 'House of Representitives'
“Cramdown” Legislation Fails in Senate
May 7th, 2009 · 1 Comment · Mortgages
Tags: cramdown legislation·Democrats·House·House of Representitives·Mortgages·principal·Republicans·underwater
House passes Credit Card Reform Act
September 25th, 2008 · 1 Comment · Credit Cards
On Tuesday, September 23, the House passed the Credit Card Reform Act, which we’ve been following here in this blog. This is great news! The bad news? Congress is totally tied up with the economic bail out, so the Senate may ignore this bill. Let’s hope not. As we wrote before, the credit card banking [...]
Tags: Banking·Credit card·Economic Crisis·FTC·House of Representitives·Reform Act·Senate
