Nearly 202,000 Colorado homeowners are expected to go into foreclosure by 2013, according to a report by the Center for Responsible Lending, with 60,640 foreclosures taking place just this year.
The hardest hit district? Doug Lamborn’s CD 5 — the home of the Ronald Reagan Memorial Highway and conservative epicenter of personal responsibility.
This week, Congress will vote on Helping Families Save Their Homes Act of 2009 (H.R. 1106) to amend federal Chapter 13 bankruptcy law to allow judges to reduce the principal balance of home mortgages, also known as cram down. As the Wall Street Journal notes “currently only vacation properties, and not primary residences, can be crammed down by a judge.”
h/t Congress Matters