search

The Real Deal Logo

Trending

Lawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLincoln Property defaults on Newport Beach office loanLincoln Property defaults on Newport Beach office loan“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment deal“Investing before the ‘all clear’ sign”: Jon Gray on Blackstone’s $10B apartment dealVictor Sigoura picks up site of failed West Chelsea condo for $87MVictor Sigoura picks up site of failed West Chelsea condo for $87M
South Florida

Bankruptcy proposal facing criticism

Sign Up for the undefined Newsletter

Lawmakers are criticizing the Obama administration’s proposal to amend
bankruptcy laws to allow judges to modify mortgages. Many Republicans
are opposing the legislation, which would allow judges to reduce the
principal due on a mortgage to the property’s current market value.
The step could put pressure on mortgage servicers to modify loans
before the mortgages come before judges. The Congressional Budget
Office estimates that more than 1 million households would benefit
if bankruptcy judges could modify loans.