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Special Report on

Cram down legislation

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The cram-down debate is back: Sen. Richard Durbin (D-IL) re-introduced hotly-contested legislation Monday that would allow judges to modify the terms of distressed mortgages on primary residences in bankruptcy cases — and this time, sources suggest the legislation faces good odds of passing. Durbin's bill was introduced in what is expected to be a brief lame-duck session of Congress, convened to address the auto industry bailout and economic stimulus measures, according to a Reuters report. But it likely won't be made into law until sometime in 2009, sources say. Democrats, including Durbin in particular, ...
on primary residences, among other purposes; however, that provision was dropped in the Senate and is not included in the version that was eventually signed into law. In addition, the bill amends the Hope for Homeowners Program as well as provide additional provisions to help borrowers avoid foreclosure. On May 20, 2009, President Obama signed the Homeless Emergency Assistance and Rapid Transition to Housing (HEARTH) Act into Public Law (Public Law 111-22 or "PL 111-22"), reauthorizing HUD 's Homeless Assistance programs. It was included as part of the Helping Families Save Their Homes Act of 2009. The HEARTH Act ...
REVIEWS AND OPINIONS
Dr. Philip Neches: The Paradox of Medicare Overhead
A great deal of misinformation, spin, and overheated hype came out of last year's debate on health care. Of the modicum of real information that managed to get through the enormous buzz of noise and confusion, the most startling was the stark comparison between the overhead of private health insurance and Medicare. Private health insurance spends 20% or more of every premium dollar on overhead: processing costs, administration, and profit. The corresponding number for Medicare is 1%. The numbers defy belief. To conservatives, it is inconceivable that a government program could be more efficient than private industry, ... market research, surveys and trends
Why The Failure of The Cram Down Legislation Hurts Everyone
Last April, the United States Senate voted against legislation that would let bankruptcy court judges modify home mortgages in bankruptcy. The failure of this legislation is a significant loss to home-owners, neighbors of homes on the verge of foreclosure, and ironically, to lenders. First and foremost, home owners facing foreclosure bear the immediate brunt of the economic crisis. In the first instance, they have seen cash reserves plummet as payments readjust, or as interest only “step up” loans cause higher monthly payments. Once savings are exhausted, the homeowners face the possibility of foreclosure and losing ... market research, surveys and trends

SURVEY RESULTS FOR
CRAM DOWN LEGISLATION

Mortgage Cram-Down Stalls in Senate, May Be Revised (Update2 ...
that would let bankruptcy judges alter mortgage terms because lawmakers don’t have enough votes for passage, a spokesman for Senate Majority Whip Richard Durbin said. The main “sticking point” is whether the measure, which passed the House of Representatives in March, should be limited to certain loans or a specific timeframe, Max Gleischman , a spokesman for Durbin, an Illinois Democrat, said today. The delay of more than a month in passage of the so-called cram-down legislation holds up a key component of President Barack Obama ’s anti-foreclosure initiative announced Feb. 18. That plan seeks to help as many as 9 million ... industry trends, business articles and survey research
Mortgage 'Cram-Down' Bankruptcy Bill May Aid 1 Million in U.S. ...
March 6 (Bloomberg) -- At least 1 million Americans would be able to use bankruptcy to reduce mortgage payments under legislation approved by the House yesterday, part of Democratic efforts to stem a crisis that has erased more than $2.4 trillion in home values. The so-called cram-down bill would allow federal judges to lengthen terms, cut interest rates and reduce mortgage balances of bankrupt homeowners. It also would permanently increase the Federal Deposit Insurance Corp.’s coverage of bank deposits to $250,000. The measure, which passed the House 234-191, now goes to the Senate. The bankruptcy provision is opposed by the ... industry trends, business articles and survey research
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INFORMATION RESOURCES

Statement for the Record Hearing on Bankruptcy Cram Down ...
Jan 22, 2009 ... have and continue to strongly oppose broad cram down legislation. Such cram down legislation would give bankruptcy judges the broad power to ... technology research, surveys study and trend statistics
H.R. 1106 Amendments: (Revised) Amendments to H.R. 1106 ...
The revised managers' amendment to H.R. 1106, the Helping Families Save Their Homes Act, is expected to be considered on the floor of the House on Thursday, March 5, 2009.  H.Res. 190 , which was passed on February 26, by a vote of 224-198, provides for one hour of general debate (which has expired) and the consideration of four amendments, each debatable for ten minutes, except for the Manager's Amendment, which is debatable for 30 minutes.  H.Res. 205 provides that the Manager's Amendment shall be modified as summarized below. "Lack of Good Faith" :  H.R. 1106 requires a bankruptcy court ... technology research, surveys study and trend statistics
Right to Rent: The Best Response to the Housing Crash
Oct 7, 2009 ... Comparing Right to Rent and Bankruptcy Cram Down. Over the last year, Congress has repeatedly debated bankruptcy cram down legislation as a ...
REAL TIME
CRAM DOWN LEGISLATION
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QUESTIONS AND ANSWERS
Why do conservatives believe in individualism, yet try to pass ...
Even though I don't agree with abortion, being pro-choice is an individualist view, because you have the freedom to choose. Passing legislation banning something restricts freedom of choice, like whether or not to have an abortion or who to marry. Banning stuff takes away that freedom and individualism. On the "Same Sex Marriage" issue,I have to agree. Since every Abortion consists of the murder of an "Individual",any law that would ban most Abortions would actually be a defense of individual liberty.We give no one but "mothers" the "individual liberty" to order an assassination of another human being. RWE Asker's ...
Is Obama going to cram HIS immigration plan down our throats too ...
The majority of the nation is against Obama's health care plan but he and Pelosi and Reid crammed it down out throats anyway. The majority of the nation does not want ANY amnesty in the immigration reform bill. Will that be crammed down our throats also. He calls his administration the "administration of transparency" but is it actually the " administration of no democracy". Sparks: The majority of the people did want health care reform, however they did NOT want this plan. 3 weeks ago P.K. : The election results showed us people wanted change. That doesn't mean they can just write any law they want , call it ...