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Sen. Durbin to seek mortgage bankruptcy change

WASHINGTON
Mon Nov 17, 2008 5:29pm EST

WASHINGTON (Reuters) - A senior U.S. senator on Monday introduced legislation to let judges alter the terms of distressed mortgages in bankruptcy cases, reviving a controversial proposal meant to help troubled homeowners, a said an aide to the lawmaker.

Barack Obama  |  Housing Market

Illinois Democrat Richard Durbin unveiled the bill, which his spokesman said would "allow bankruptcy judges to modify mortgages on primary residences."

The Senate in April voted against such a proposal. At that time, Durbin was a key proponent of it.

(Reporting by Kevin Drawbaugh; editing by Richard Chang)
Barack Obama
Housing Market


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