Senate debates mortgage bill, defeats ‘cramdown’ amendment
The United States Senate began debate on a bill to implement President Obama’s mortgage foreclosure prevention program. The Helping Families Save Their Homes Act (S. 896) includes provisions for boosting the FDIC’s borrowing authority from $30 billion to $100 billion and it postpones the sunset date for the temporary increase (to $250,000) on deposit insurance. It also extends the deadline for recapitalizing the Deposit Insurance Fund. On April 30, the Senate rejected an amendment which would have given bankruptcy judges authority . . .
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