A Deal re: Mortgage "Cramdowns"?
Elizabeth Williamson reports for the Wall St. Journal that Citigroup has agreed to a deal with top Democratic senators that would "would allow judges to set new repayment terms for millions of mortgage holders who wind up in bankruptcy court." Williamson notes that the deal represents a change in direction by the financial services industry who have historically resisted efforts to allow judges to adjust mortgage loan principal amounts for consumers in bankruptcy.
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