Lawmakers Working To Help Homeowners

WASHINGTON (AP) - The House has passed legislation to give
debt-strapped homeowners a chance to win lower mortgage payments
through bankruptcy courts.
The vote was 234-191 to approve the measure. It faces a tough
road in the Senate, where Republicans and some Democrats oppose the
idea.
The bill gives bankruptcy judges new power to reduce the
interest rate and principle on a home mortgage. It's part of
President Obama's housing rescue plan.
Supporters see it as a crucial tool to prod banks to negotiate
with homeowners for more affordable terms. Critics say it will
create a flood of bankruptcy filings that will drive up mortgage
rates and further destabilize the battered housing market.

(Copyright 2009 by The Associated Press. All Rights Reserved.)