Cram-Downs Pass House Panel; Head to Vote

"The House Judiciary Committee on Tuesday approved a measure for so-called “cram-down” provisions that would allow bankruptcy judges to change the terms of a mortgage by reducing the interest rate, extending the life or lowering the principal or loan balance as part of a bankruptcy debt restructuring plan. The bill passed the panel’s approval 21 to 15, according to a report by the Washington Post Wednesday."