Virginia Mortgage Lenders Association

Government Affairs

Call to Action: Oppose Bankruptcy Cramdown in S. 2636

Last week S. 2636, the "Foreclosure Prevention Act of 2008" was introduced as a second stimulus package. S. 2636 includes harmful bankruptcy cramdown provisions. Due to a procedural rule, the bill may reach the Senate floor without going through the normal committee
process.

Click here to contact your senators and express your opposition to bankruptcy cramdown.

Published reports indicate that S. 2636 may be acted upon on the Senate floor as early as Tuesday, February 26. It is important that you contact your Senators as soon as possible. It is important that you make your voice heard and explain that cramdown legislation will increase costs to consumers and how this legislation will affect you on a daily basis.

For additional information on S. 2636, click here.

For other issues that affect you, your company and the real estate finance industry, click here.

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