Bennet, Udall split on cramdown protection for homeowners
Bowing to intense lobbying pressure from the mortgage industry, the U.S. Senate killed a bill Thursday to allow bankruptcy judges to modify loan terms on primary residences the way they can on second homes, yachts, cars and other pieces of property.
U.S. Sen. Mark Udall voted to give relief to financially-pinched homeowners trapped in overvalued mortgages, while his counterpart Sen. Michael Bennet sided with the Scrooge McDucks.
The American News Project caught mortgage bankers in a celebratory mood as it geared up to kill the homeowners bankruptcy protection, known as cramdown, in an episode that could only be called “Take Your Banking Lobbyist to Congress Day and Let Him Stomp All Over Your Right to the Courts.”
A spokeswoman for Udall told The Colorado Independent, “This was a vote about fundamental fairness for Coloradans. Sen. Udall voted to help thousands of hardworking Colorado families get the chance to stay in their homes, which would help stabilize the housing industry and help restore our economy.”
Bennet’s office hasn’t yet responded to a request for comment.
Like this story? Steal it! Feel free to republish it in part or in full, just please give credit to The Colorado Independent and add a link to the original.
2014 was a whopping news year, and we’ve gone a bit reflective. Here’s a video about some of our favorite things. Colorado. News. Independent news coverage […]Read More
Normally temperatures at resort elevations this time of year drop into the teens and 20s every night. This season, only a few light frosts have tinged the valleys, leaving the slopes bare and dry.Read More