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House Bill Loosens Mortgage Modifications

02-25-09
John Vesco
John  Vesco: Real Estate Brokerage in Cherry Point, NC

The House is expected to vote on a bill Thursday that would let bankruptcy judges erase some mortgage debt for troubled homeowners and shield mortgage servicers modifying loans from bondholder lawsuits. Rep. Brad Miller (D-NC) said the provisions should prod mortgage companies to loosen home loan terms on a scale that they have not done before