Bankruptcy home loan bill passes House
source: http://news.yahoo.com/s/ap/20090305/ap_on_go_co/mortgages_bankruptcy_24
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WASHINGTON – A plan to give debt-strapped homeowners a chance to lower their mortgage payments through bankruptcy courts won House approval Thursday as a report revealed that foreclosures and past-due home loans hit a record 5.4 million last year.
The legislation, part of President Barack Obama's housing rescue plan, is facing a much tougher road in the Senate amid the same industry opposition and reservations from moderate Democrats that nearly derailed it in the House.
The House passed the bill 234-191 mostly along party lines, and the Senate could consider it within weeks.
The legislation, part of President Barack Obama's housing rescue plan, is facing a much tougher road in the Senate amid the same industry opposition and reservations from moderate Democrats that nearly derailed it in the House.
The House passed the bill 234-191 mostly along party lines, and the Senate could consider it within weeks.
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