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The banks win and homeowners loose as the glorious people who are supposed to represent the people, the U.S. House of Representatives voted to slam-down the cram-down measure that would have allowed bankruptcy judges to modify mortgages in a court of law for struggling homeowners.
The home mortgage bankruptcy bill or commonly referred to as the “mortgage cram-down”, the measure was easily defeated in a 188-241 decision. A proposed amendment that is just really consumer protection pork disguised as a broader financial reform bill is expected to pass the House on Friday.
The mortgage cramdown bill passed the House back in March, but as expected, it never will see the light of day during this great depression for Main Street.
Are you surprised?
