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May 7, 2009

Senate Passes Stripped-Down Mortgage Bill
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The Senate has approved a foreclosure assistance bill providing limited
help for struggling homeowners. The measure would protect mortgage
service companies from lawsuits in return for taking part in federal
loan modification programs. It would also give renters of foreclosed
properties at least ninety days’ eviction notice and spend some $2.6
billion on curbing homelessness. Last week, the Senate dropped a key
amendment that would have allowed bankruptcy judges to reduce mortgage
payments for debt-strapped homeowners.



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