Vote On Modification Bill May Be This Week

26 Apr Vote On Modification Bill May Be This Week

The mortgage modification bill is in the news again. Republicans and a group of Moderate Democrats Senators, opposed to passage of the “Helping Families Save their Homes in Bankruptcy Act of 2009,” are likely to push the bill to a vote this week on the Senate floor.

This is, unfortunately, bad news for those of us hoping to give bankruptcy judges the power to work out mortgage modifications and save homes. There aren’t enough votes to pass the measure, by most accounts, and therefore pushing it to a vote will likely mean defeat.

There is talk of modifying the bill to build a better consensus and get something passed to stem the foreclosure crisis. We will just have to wait and see what those changes are, and hope the act continues to include a real solution such as granting authority to Bankruptcy judges.

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Douglas Jacobs is a California bankruptcy attorney and partner in the Chico law firm of Jacobs, Anderson, Potter & Chaplin. Since 1988, Mr. Jacobs has taught Constitutional law and Debtor-Creditor/Bankruptcy law at the Cal Northern School of Law. He has served as Dean of Students since 1994. He is a frequent lecturer on the subject of consumer bankruptcy law, and has spoken at both state and national levels.
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