Bernanke has the right to change bankruptcy would add something at a low cost of mortgage
Federal Reserve Board Chairman Ben Bernanke today, he said, he believes, is changing the United measures will bankruptcy law judges from changing the conditions of a mortgage would “probably” Ins all costs mortgages.
“I do not know how he would like to add,” he said Bernanke Senate Banking Committee. “I think it would probably add something, because the guarantees would be less safe.”
The Senate can not be a vote on the legislation next week, so that the bankruptcy judges for mortgages to help keep people in their homes, the Bush administration has already said he would veto. USA also have the lender against the proposal as something, it would increase costs for all mortgage borrowers, lenders, as would ensure against the possibility of only a portion of repayment of mortgages .
Senator Evan Bayh, a Demokrat of Indiana, defended the proposal to say today that only existing mortgages could be modified under the bill. Bernanke, he said, but the bill would raise the question whether Congress would subsequently, the enlargement of the action, which could lead mortgages is that costs are rising.
That’s why Bernanke said he would “decline to approve” this specific legislative proposal.
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