US House likely to delay mtg 'cramdown' vote-source

Thu Feb 26, 2009 11:12am EST
 
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WASHINGTON, Feb 26 (Reuters) - Democratic leaders of the U.S. House of Representatives are likely to postpone a planned Thursday vote on a controversial measure that would let judges reduce mortgage debt for borrowers who file for bankruptcy, said sources familiar with the legislation.

House Speaker Nancy Pelosi said earlier this week that she hoped to bring mortgage bankruptcy legislation known as the "cramdown" bill to the House floor on Thursday.

The industry and congressional sources said a vote on the bill was likely to be postponed as Democratic leaders hash out details of the provision. (Reporting by Patrick Rucker; Editing by Neil Stempleman)

 

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