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: Legal Pad | LANew legislation allows judges to reduce mortgage loan balances
By Richard Binder
Federal legislation under consideration that would allow judges to reduce mortgage principals could be a key to Inland Southern California's economic recovery, says one local economist.The so-called "cram-down" measure gives the U.S bankruptcy courts authority to modify existing primary home mortgages of people seeking to settle with their creditors in a Chapter 13 bankruptcy. The federal bill, which last week passed the House of Representative and moved to the Senate, would enable bankruptcy judges to permanently reduce a mortgage balance as low as a home's current value to help a struggling borrower.Redlands-based economist John Husing contends that taking the more aggressive step of reducing loan balances is essential to prevent more foreclosures in Inland Southern California.
Full post as published by Legal Pad | LA on March 12, 2009 (boomark / email).
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