The House has voted 302-126 for final passage of a bankruptcy reform bill that will make it harder for consumers with average incomes to use the bankruptcy courts to avoid repaying their debts.It has taken Congress eight years to pass the bill (S. 256), which has strong backing from the financial services industry. President Bush is expected to sign the legislation. (The Senate passed the bill in March by a 74-25 vote.) The bankruptcy bill addresses some commercial and residential foreclosure abuses. It also contains language prohibiting "cramdowns" to stop bankruptcy judges from reducing the principal amount of a home mortgage when the underlying value of the property has declined. Diane Casey-Landry, president of America's Community Bankers, said the U.S. Supreme Court outlawed cramdowns in 1993, but the practice persists. "This legislation will hold down the cost of home mortgage loans by once-and-for-all prohibiting federal district courts from reducing the value of secured loans in bankruptcy proceedings," she said.
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While income decreased from the fourth quarter, it accelerated on an annual basis across NVR's building and lending units.
4h ago -
Many legal experts think the Supreme Court will rule in favor of the Consumer Financial Protection Bureau in a case challenging its funding. Such a ruling would unleash a flurry of litigation that has been on hold pending the outcome of the constitutional challenge.
6h ago -
Prevention through new building standards and mapping technology aim to keep home insurance rates down but mortgage bankers see challenges.
11h ago -
The mortgage lender and servicer announced that Ranjit Bhattacharjee, a capital markets veteran, and Kevin Barker, a financial analyst with two decades of experience, have joined its ranks.
April 23 -
Because of rising home values, more transactions have proceeds over the federal tax exemption, especially in California, a CoreLogic study found.
April 23 -
Texas Capital Bank wants to bring the Administrative Procedures Act into the case, but Ginnie Mae said the legal proceedings are outside its scope.
April 23