Open

Coming up

Don't miss

Replay


LATEST SHOWS

BUSINESS DAILY

Rising into the ranks of Haute Couture

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive

Read more

DEBATE

Gaza: How to Stop the Spiral? Israel Readies For Ground Offensive (part 2)

Read more

MEDIAWATCH

A thin line between fact-checking and propaganda in Gaza social media coverage

Read more

#THE 51%

Sweden: A Feminist's Paradise?

Read more

FOCUS

Ireland's missing babies cast light on dark history

Read more

WEB NEWS

World Cup 2014: Germany-Brazil inspires the Web

Read more

THE INTERVIEW

Boutros-Ghali: 'I wanted to reform the UN'

Read more

IN THE PAPERS

57 000 little problems

Read more

  • Video: Palestinians fear full Israeli military offensive in Gaza

    Read more

  • Video: Living in Tel Aviv, under threat of rocket attack

    Read more

  • Manhunt as FIFA partner flees Rio hotel to avoid arrest

    Read more

  • US prepared to negotiate Gaza ceasefire, Obama says

    Read more

  • French companies will have to accept anonymous CVs

    Read more

  • Ukrainian forces close in on Donetsk

    Read more

  • Germany asks US intelligence station chief to leave country

    Read more

  • UN chief Ban Ki-moon appoints new Syria mediator

    Read more

  • Video: Muslims in China confront obstacles to Ramadan fasting

    Read more

  • Tour de France passes WWI Chemin des Dames battlefield

    Read more

  • Senegalese man awarded French visa in gay marriage debate

    Read more

  • Argentina beat Netherlands on penalties to reach World Cup final

    Read more

  • Foiled French jihadist ‘targeted Louvre and Eiffel Tower’

    Read more

  • Obama in Texas to urge congressional action on child migrant crisis

    Read more

  • Iraq’s heritage 'in danger' from ISIS militants

    Read more

Business

US law to help mortgage payers passes first test

©

Latest update : 2009-03-06

US President Barack Obama's proposed law to lower some homeowners' mortgage repayments was adopted by the House of Representatives on Thursday, drawing fire from Republicans. The Senate is expected to put up harsher opposition.

AFP - Amid a storm of foreclosures and other housing woes, the US House of Representatives passed legislation Thursday to give bankruptcy judges power to lower some homeowners' mortgage payments.

 

"With the 'Helping Families Save Their Homes Act', we can protect the American Dream and preserve it for America?s families," Democratic House Speaker Nancy Pelosi said after lawmakers voted 234-191 to pass the measure.
 

The legislation, popularly known as the "cram-down" bill, drew fire from the banking industry and from Republicans who alleged that it lacked safeguards to prevent borrowers who used bad judgment or outright fraud from benefiting.

 

"It is nothing short of absurd to punish those who acted responsibly while rewarding the reckless -- and sometimes illegal -- actions of others," said the number two Republican in the House, Representative Eric Cantor.
 

Democrats rejected those charges and said the legislation was critical to relieving some of the pain homeowners face at a time when many homes are valued at less than their mortgage, helping to curb foreclosures and ease pressure on the battered US housing sector.

 

The bill, which has yet to clear the Senate, would enable bankruptcy judges to reduce the principal or the interest rate on an existing mortgage for qualified homeowners, in danger of default, who have tried and failed to get their lender to help.
 

House passage came as US mortgage woes hit fresh lows in the fourth quarter of 2008 with more than one out of 10 homeowners late on their payments, the worst since 1972, according to an industry survey.

Date created : 2009-03-06

Comments

COMMENT(S)