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House delays vote on mortgage 'cram-down' measure

February 27, 2009|Bloomberg News

A vote on a mortgage cramdown measure is being postponed by House Speaker Nancy Pelosi until next week after industry groups voiced opposition and some lawmakers withdrew their support.

Industry groups including the American Bankers Assn. and the Mortgage Bankers Assn. are fighting the legislation, which would allow Bankruptcy Courts to lengthen loan terms, reduce interest rates and cut principal payments on a borrower's primary residence. Pelosi spokesman Brendan Daly said the House would probably consider the bill Tuesday or Wednesday.

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