The U.S. Senate voted today to table the Senator Durbin’s amendment to the “Foreclosure Prevention Act”. The amendment would have allowed cramdown of mortgages on primary residences in bankruptcy. Cramdowns are debt repayment plans paying creditors less than the full amount owed.
Here’s a press release distributed jointly by the Civil Rights, Consumer and Housing Groups titled, Senate Throws Out Single Most Needed Step to Help Millions of American Families Keep Their Homes
Not Voting – 6
Democrats generally supported relief, Republicans unanimously opposed it. Interestingly, none of the three presidential candidates voted on the measure.