Beacon News Online (02/25/08); Gordon, Marcy
A bill that would revise the U.S. bankruptcy code to allow judges to cut interest rates and reduce what borrowers owe on mortgages is expected to reach the Senate floor for debate on Feb. 26. The legislation to ease bankruptcy rules is part of another round of proposals to address the problems in the housing market--which also include possibly protecting banks from lawsuits and offering more relief to borrowers who are on the brink of foreclosure. These bills will face much more opposition than the recently passed economic stimulus package. Also, top mortgage and banking executives are likely to be questioned this week by lawmakers about the industry's losses and their generous executive-compensation packages.
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