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It looks like the “Cram Down” Bankruptcy Reform will not be part of the economic stimulas package presently before Congress.  But good news, is that President Obama will push for the Cram Down soon thereafter.  Per a recent email I just received:


I wanted to keep you in the loop on judicial modification, one of our legislative priorities.  As some of you may already know, the judicial modification of mortgages legislation (S. 61 by Durbin, HR 200 by Conyers et al, and HR 225 by Brad Miller et al.) will NOT be part of the economic recovery package now under consideration in the House and Senate.  My understanding, confirmed by  reporting on the same, is that President Obama in a meeting on Friday specifically asked Democratic leaders not to include it in the package as he seeks to build Republican support for the recovery package.  The good news is that in the same meeting President Obama reaffirmed his support for the legislation and said that the Administration will look for a quick moving vehicle to which the legislation would be attached.  Among other possibilities is the 2009 omnibus appropriations bill, which congressional leaders hope to pass in the short term.  We will keep you posted on new developments in this regard.


In the meantime, the House Judiciary Committee is marking up H.R. 200 at 1 p.m. today.  Chairman Conyers will offer a manager’s amendment at that time that will include language reflecting the agreement reached with Citi.


Written by Michael G. Doan- Owner of the Carlsbad Bankruptcy Attorney‘s office, Michael not only manages his business, but is also a highly skilled Southern California Bankruptcy Attorney with over 17 years of experience. He specializes in many fields, such as: insolvency, bankruptcy, consumer rights, debt negotiation, creditor collection abuse, estate planning, contracts, real estate, and tax. Michael is currently concentrating his practice solely in Bankruptcy Law and is a Board Certified Specialist in Consumer Bankruptcy Law by the American Board of Certification, one of only fourteen such attorneys in all of California. 

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