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Thursday, March 5, 2009

Never Mind Cramdowns. What we need is a return to the old bankruptcy rules.

*before the bankers and credit card companies got their hands on it. And now they are all sorry they did! Ijiots! You want to really help the mortgage market and the economy? Let us all declare bankruptcy and walk away so we can start over. You are giving the financial system a free pass, so where is ours.

House approves mortgage bankruptcy overhaul
Thu Mar 5, 2009

WASHINGTON (Reuters) - The U.S. House of Representatives approved a bill on Thursday to let bankruptcy judges reduce the primary residence mortgage debt of homeowners going through bankruptcy proceedings as a last resort to avoid foreclosure.

Seen by Democratic supporters as vital to stabilizing the crumbling U.S. real estate market, the so-called "cramdown" bill has been opposed by bankers, despite amendments to limit its scope, including one restricting it to existing mortgages.

The Senate was expected to consider its own version of the House bill soon, but chances of passage are uncertain.

The House vote tally was 234-191.

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