Mortgage Cram-down bill
In light of the recent mortgage crisis, the House is considering the “Emergency Home Ownership and Mortgage Equity Protection Act of 2007.” This could allow bankruptcy courts to modify the terms of a Chapter 13 debtors mortgage loan including alterations in the loans interest rate, modifying the remaining value of the loan and its maturity.
At the same time, Senator Dick Durbin, Democrat of Illinois also introduced a cram down bill within the Senate. These matters will probably both end up in a joint committee for final consideration.