Items Tagged with 'Judiciary Committee'


  • Feds Urge New Lender Record Keeping Requirements

    The U.S. Justice Department is urging Congressional leaders to require mortgage lenders and servicers to retain borrower records for up to 10 years, as part of an effort to make it easier to prosecute fraud -- alleging that regulators and law enforcement officials have had a tough time pursuing lenders for wrongdoing because of lax recordkeeping.
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  • House Faces Tuesday Vote on Bankruptcy Cramdowns

    The House of Representatives will on Tuesday consider a sweeping homeowner assistance legislative package that would allow bankruptcy judges to modify mortgage debt on a borrower's principal residence. The bill, HR 1106, or the Helping Families Save Their Homes Act, contains the controversial "cramdown" measure originally passed by the House Judiciary Committee in early January.
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  • Cram-Downs Pass House Panel; Head to Vote

    The House Judiciary Committee on Tuesday approved a measure for so-called "cram-down" provisions that would allow bankruptcy judges to change the terms of a mortgage by reducing the interest rate, extending the life or lowering the principal or loan balance as part of a bankruptcy debt restructuring plan. The bill passed the panel's approval 21 to 15, according to a report by the Washington Post Wednesday.
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  • Senate Panel to Look at Foreclosure Management Practices

    If anyone needed proof that default servicing is now headed towards the spotlight, look no further than yesterday's announcement by the Senate Judiciary Committee that it will hold a session focusing on recent high-profile bankruptcy management missteps. The Judiciary Committee's Subcommitree on Administrative Oversight and the Courts will hold a hearing titled "Policing Lenders and Protecting Homeowners: Is Misconduct in Bankruptcy Fueling the Foreclosure Crisis?"
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  • House Committee Passes Proposed Mortgage 'Cram-Down' Bankruptcy Measure

    The House Judiciary Committee on Wednesday passed a controversial 'cram-down' bankruptcy reform measure that would enable judges to modify a borrower's mortgage in a Chapter 13 bankruptcy. HW reported Tuesday that a modified version of the Emergency Homeownership and Mortgage Equity Protection Act of 2007 had been agreed upon in principle.
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