Law360, New York (April 17, 2009) -- One of the many proposals that have been advanced to deal with the current economic crisis, to provide relief to homeowners who are “upside down” in their mortgage loans — owing loan balances greater than the depressed value of the property — is now being considered by the Senate after being passed by the House.
The plan — the Helping Families Save Their Homes Act of 2009 — is to give bankruptcy judges the power to “cram down” reductions in home loan balances, thus forcing...
