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NOT A SUBSCRIBER?Senate rejects mortgage cram-downsPosted on May 1, 2009 2:30 PM
A massive lobbying campaign to scuttle a measure that would allow bankruptcy judges to rework the mortgages of struggling homeowners succeeded Thursday, delivering a setback to the Obama administration's effort to fix some of the ills of the housing market.
Speaking before the measure was defeated, its author, Sen. Richard Durbin, D-Ill., said the vote would measure the banking industry's grip on the Senate. This is a free preview of the content available in The Deal Pipeline. Subscribers enjoy access to the full story, as well as second-to-none research tools. To request a demo, or, if you are an existing user to The Deal Pipeline, log in to your account, please scroll down and click the button. Dig deeper, with Pipeline.
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